(qlmbusinessnews.com Wed. 10th July, 2024) London, UK —
Dyson to Slash Over a Quarter of UK Workforce in Global Cost-Cutting Effort
Dyson, renowned for its vacuum cleaners and air purifiers, has announced a significant reduction of its UK workforce, cutting around 1,000 jobs as part of a global restructuring initiative aimed at reducing costs. This move will see more than a quarter of its 3,500 UK employees impacted, with the company’s operations in Wiltshire, Bristol, and London being the most affected.
On Tuesday morning, Dyson’s staff were informed about the job cuts, which form part of a broader strategy to trim the company’s 15,000-strong global workforce. This review commenced before the general election was announced in May.
Chief Executive Hanno Kirner stated, “We have experienced rapid growth and, like all businesses, we periodically review our global structures to ensure we are future-ready. Consequently, we are proposing changes that may lead to redundancies. Dyson competes in increasingly fierce and competitive global markets, where the pace of innovation and change is constantly accelerating. We must remain entrepreneurial and agile.”
Kirner acknowledged the difficulty of making such cuts, describing it as “always incredibly painful” and assured that the company would support those affected during this transition.
Founded by Sir James Dyson in Malmesbury, Wiltshire, in 1991, Dyson conducts most of its product research, development, and design in the UK, despite manufacturing many products overseas. The UK will continue to be a significant hub for Dyson’s research and development efforts. Malmesbury remains home to the Dyson Institute, where 160 undergraduate engineers both work on Dyson projects and study.
In Asia, Dyson’s largest market, the company faces intense competition from local rivals who quickly replicate its products. In 2019, Dyson’s pro-Brexit founder moved the company’s headquarters to Singapore, citing the growing importance of supply chains and customers in Asia.
Over the past three decades, Dyson has diversified from vacuum cleaners to hairdryers, fans, and air purifiers. Although the company abandoned its electric vehicle project in 2019, it unveiled its first wearable product two years ago—air-purifying Bluetooth headphones with a visor. Dyson is also venturing into robotics, with plans to introduce machines capable of performing household chores by 2030.
In 2022, Dyson paid a £1.2 billion dividend to the Singapore-based holding company of its founder. This dividend was channelled to Weybourne Holdings, which also manages the multibillionaire’s family office and UK investments in land and insurance. Over the past five years, the total dividends extracted by Dyson have amounted to £4 billion.
Sir James Dyson, one of Britain’s wealthiest individuals, had an estimated fortune of £20.8 billion in May, according to the Sunday Times. In December, he lost a libel case against the Daily Mirror, which accused him of hypocrisy for supporting Brexit while relocating his global headquarters to Singapore.
Dyson has been increasingly critical of the former Conservative government, dismissing Rishi Sunak’s pledge to make the UK a science and technology superpower as a “mere political slogan.”
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