ONE of Scotland's biggest engineering groups the Weir Group has said it would be cutting 400 more jobs in a bid to save £25 million in the wake of a downturn in the oil and gas industry.
The Glasgow-based engineer announced the "cost reductions measures" to "support profitability".
The company said 140 posts were being cut in its oil and gas division - with most of those in North America.
Some 225 jobs will go at its minerals division, mostly in Africa, and some in Australia. And 40 jobs will be cut at Weir's operations in China.
The FTSE 250 company, which provides products and services to miners and oil companies, acted as falling oil and commodity prices saw orders tumble.
Oil prices fell 25 per cent in one quarter while copper fell 11 per cent, Weir said, resulting in a 29 per cent decline in orders across the company in the three months to November 2.
As a result, Weir continued its belt tightening, making a extra £25m in cost savings in the quarter. Total savings are now £110m for the year.
The company, announced in February that around 22 per cent of its workforce at its North American oil and gas operations ws being cut due to the plummeting price of oil.
Weir chief executive said Weir's revenue was suffering as its customers attempt to minimise purchases, adding that at some point they will need to invest in equipment.
"Basic common sense would tell you that at some point you run out of units you can strip parts off," he said.
He added:"The challenges in our end markets intensified during September and October.
"Looking ahead, we expect trading conditions to remain challenging through the fourth quarter with further declines in upstream oil and gas activity.
"We will focus on delivering further cost and procurement savings, alongside strong cash generation."
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