Ocean cuts miss McGregor Cory
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• A programme of job cuts throughout the worldwide Ocean Group will leave UK distribution specialist McGregor Cory unscathed—but its freight forwarding sister company will be hit.
McGregor Cory, which employs 1,800 staff, lost 12 managerial staff in the summer but will not bear any of the group's latest round of 500 job cuts.
However, freight forwarding specialist International Freight Management, which has cut 200 jobs in the past six months, is to lose another 300 of its 4,500 jobs worldwide.
Removals company GH Lucking also escapes the cuts: last month it was bought out of Ocean by its management.
The group's cost-cutting exercise follows a dip in profits. In 1991 it made an operating profit of £54m on a turnover of £1.3bn, but results for the six months to June 1992 showed a 15% decline.