FLS Aerospace said today it will seek 420 redundancies from its loss-making aircraft services units at Manchester and Stansted Airports in Essex in a bid to stem losses.
The company also employs 1,500 people at Dublin Airport. Staff numbers at this site will be unaffected by the restructuring plan announced today although the company is seeking "significant change, including cost savings".
In a statement the company said it could not "justify the costs associated with running it's three heavy maintenance operations at Stansted, Manchester and Dublin."
The company admitted that it was facing losses for 2003 of $13 million.
As a result the company said it would "discontinue aircraft heavy maintenance at Stansted and, at Manchester, where heavy maintenance is the majority of the business, all activities will cease.
"This will result in the loss of up to 272 jobs at the Stansted base and up to 149 jobs at the Manchester base."
Aircraft heavy maintenance will now be consolidated at Dublin. FLS Aerospace said the Dublin unit was "also suffering losses" but has the capacity to handle all heavy maintenance work.
The company employs 1,500 staff in Britain.