QinetiQ confirmed today that, as previously announced, it is streamlining and restructuring its UK business given the challenging business environment. The company will commence consultation today with its trades unions regarding a potential reduction of 391 employees primarily at its sites in Farnborough, Hampshire and Malvern, Worcestershire.
This restructuring follows QinetiQ's detailed review of its advice and technology solutions group businesses and corporate headquarters. A further review of the remainder of the business will take place over the summer. This will include discussions with QinetiQ's primary UK customer, the Ministry of Defence, in order to take into account its future vision for UK defence and security.
The company has formally notified the trades unions of its proposals and will work with its employees and their representatives to carry out the process in a way which is fair and supportive to those affected.
Leo Quinn, CEO of QinetiQ said: "As we announced in May, our markets are likely to remain uncertain for some time, but we have a decisive programme of self-help to restore value. We are acting to make our costs more competitive and improve our productivity. We are reshaping QinetiQ to focus on our strengths so that we are better aligned with customer needs. Whilst we have no choice but to review the cost base of our business, our goal is to remain a full service provider and we will work with our customers, including the Ministry of Defence, to ensure that we maintain this capability."