CLYDE Union has narrowed losses in a year which saw its US owner SPX consult on job cuts as part of a restructuring programme, accounts newly available at Companies House have revealed.
The company, which specialises in pump technology, hydraulic design and engineering, reported a pre-tax loss of £6.52 million for the year ended December 31.
This followed a loss of £7.13 million in 2012.
The losses came in a year which saw Clyde Union, acquired by SPX from Jim McColl's Clyde Blowers Capital in 2011, consult union officials on plans to cut 160 jobs at its Cathcart base.
The accounts show the company saw revenue slide to £109.2 million from £126.7 million in 2012.
Clyde Union notes in the accounts: "The first half of 2013 was a period of stabilisation for the company. A restructuring programme was initiated in May 2013 aimed at reducing overhead costs in the business and driving further operating improvements in the delivery of a world-class technology and engineered solutions to its customer base."
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