2,000 plumb jobs go; CREDIT CRUNCH CRISIS.Byline: By CLINTON MANNING THE world's biggest plumbing plumbing, piping systems inside buildings for water supply and sewage. The Romans had a highly developed plumbing system; water was brought to Rome by aqueducts and distributed to homes in lead pipes—hence the name plumbing from the Latin word plumbum firm, Wolseley, is axing 2,000 UK jobs. The company, which employs 13,500 people in Britain, is to shut 200 of its 1,600 branches which trade as Plumb Center, Build Center and Hire Center. The job losses - 15 per cent of its UK workforce - will cost about pounds 45million. But bosses expect to save more than pounds 100million a year from the latest cutbacks which follow more than 5,000 redundancies - including 520 in the UK - earlier this year. Wolseley boss Chip Hornsby - who was paid pounds 1.2million last year - blamed the collapse in housebuilding and a downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in DIY DIY abbr. do-it-yourself DIY or d.i.y. Brit, Austral & NZ do-it-yourself DIY abbr DIY do it yourself a DIY shop/job. . He also revealed that the group's profits had plunged 50 per cent in the past three months. CAPTION(S): CUTBACKS Wolseley |
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