BAE Systems Set To Cut Jobs After Contract Loss - Report

27th Jun 2010 12:45

LONDON (Dow Jones)--BAE Systems PLC (BA.LN) is planning to cut hundreds of jobs at its U.K. vehicles business, the Sunday Telegraph reports. The planned job cuts come after BAE lost out on a key armoured vehicle deal to U.S. rival General Dynamics earlier this year and ahead of the squeeze on military spending as part of the government's plans to reduce the U.K. deficit, the paper said. A BAE Systems spokesman said: "We must resize the U.K. land business to a reduced expected workload and we are working towards this at the moment. As you'd expect, we can't comment on the nature or timing of any cuts before we have told our own people." Newspaper Web site: http://www.telegraph.co.uk -London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320 (END) Dow Jones Newswires June 27, 2010 07:45 ET (11:45 GMT)