Stonehouse will be closing by the end of the financial year. Another 25 redundancies announced on Friday, this follows the 30 from 2 weeks ago (55 in total) . This brings an end the matrix drill bit production in the UK. What was a world leader in the drill bit manufacturing industry has been decimated since the take over of Reed hycalog by Nov. Weak management looking out for themselves , back handers, poor decision making, cost cutting, trying to produce a cheap product for max profit have finally caught up to stonehouse. As the norm for Nov the employees who have broken the backs for the company are treated with utter disdain. Good luck to all the guys losing there jobs, you all deserve better. To all the clinically obese managers karmas a b–ch
5 replies (most recent on top)
Merry Christmas and a happy new year Stonehouse.
Terrible news. It's sad.
NOV british family is closing.
Who's next?
RH was trending downward prior to the NOV acquisition. While NOV didn’t right the ship you have to go back to previous ownership to find the root causes of today’s global position. The bitter RH old guard for the decade of NOV ownership was always stuck on the glory days versus staying competitive. That’s the massive problem of the NOV days. #RIPstonehouse
OP Where did the info about the closing date come from?
Yes, it sure feels like the beginning of the end.
Such a heartless thing for management to do. Two weeks after reducing the matrix section from 17 to 7, to then let the remaining 7 go after they thought they had avoided the last cut.
I have recommended the company to work for in the past, never again..
Shame on upper management.
Good luck, hope everyone lands another job pretty soon.
@next responders, please don’t post names and use derogatory speech, would hate to see this important info getting nuked by mods because of it. Check this out: thelayoff.com/h/delete