Engineering icon Albion's losses top £1m

ALBION Automotive, the iconic Glasgow-based engineering business, saw losses rise to over £1 million last year as it continues to struggle in the face of fierce global competition.

The US-owned company, which manufactures components including axles and crankshafts for trucks and buses, saw redundancy costs of 1.46m in the year to 31 December following a restructuring to cope with lower production.

The company, founded in 1899, said it was under "continuing pressure by its customers to reduce prices" and that it continued to review its "manufacturing footprint and cost structure to improve productivity". In March this year the company announced the closure of its crankshaft facility in Lancashire with the loss of 46 jobs.