Firm Jim McColl sold for £750m faces jobs scare

SPX Corporation, the company that acquired Clyde Union Pumps last year from Scots entrepreneur Jim McColl for £750 million, is believed to be planning a cut in its overheads.

The joint chief executive Thomas Burley left amid speculation over job cuts at the former Weir Pumps plant. Calls over several weeks by The Scotsman to the North Carolina-based company were not returned but it has now confirmed that it is restructuring. It said this can mean “a number of things” and that the integration of Clyde Union “is a key area of emphasis”.

Sources said Burley left at the turn of the year and that co-chief executive Keith Mitchell is working on a review of operations.

Scotland on Sunday revealed in December that SPX had renegotiated the terms of the acquisition, reducing the cash element from £700m to £565m.

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