According to the Financial Times, and quoting CEO, Nigel Hunton, vacuum pump specialist Edwards is to shift its hi-technology manufacturing to a plant in South Korea and its chemical and pharmaceutical technologies to the Czech Republic. However, R&D will continue at its plant in Shoreham, UK. According to the report, 220 jobs will be lost in the UK due to the transfer of production.
Hunton, said to the FT that the shift in semiconductor manufacturing to Asia and the need to be closer to customers was behind the move, rather than simply cost cutting. Edwards is owned by private equity firms, CCMP Capital Advisors and Unitas.