MD resigns from ailing De La Rue
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE RECENT problems at De La Rue, the banknote printing and smart card group, claimed their first victim yesterday with the departure of the head of the group's largest division.
Haydn Abbott resigned as managing director of the troubled cash systems division. Ian Much, the former T&N executive who took over as chief executive a month ago, will take direct responsibility over cash systems, the company said.
Mr Much will carry out a review of the business, which produces money- counting machines and equipment for automatic telling machines (ATMs). The business has been hit by slow sales of a number of new products and by tough trading conditions in South America, Asia and eastern Europe.
The division's troubles have prompted City analysts to forecast an operating loss of up to pounds 10m for the business in 1998. Industry experts yesterday predicted that Mr Much's review would lead to job losses among the division's staff and to an exceptional charge of about pounds 20m in the current year. The cash systems division employs almost half of De La Rue's 10,000 staff, with about 1,000 employees in the UK.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments