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Royal IHC has announced its plans to cut 425 positions from its current workforce due to consistent poor market conditions.

This Netherlands-based company revealed that it will cut both temporary and permanent jobs, primarily from indirect and support positions. 

The management of Royal IHC is currently in discussions with the Work Council and trade associations about this decision. 

The firm has also reduced its executive board to just two members, CEO Dave Vander Heyde and CFO Arie Vergunst.   

"The firm stated that the low level of turnover makes it necessary to drastically cut costs."

In addition, the company's section-building activities will be further outsourced in order to respond to competition from Eastern Europe and Asia.

Just as in 2015, the oil price and increasing international competition have led to a significantly lower order intake in the first nine months of 2016 than expected.

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By GlobalData

IHC has already announced that it expects to remain below the forecast sales budget for the whole of 2016.

As a result, the firm stated that the low level of turnover makes it necessary to drastically cut costs, particularly in support positions within the organisation.

IHC will maintain the shipbuilding slipway in Krimpen as its main slipway.

The Kinderdijk slipway will be maintained as a reserve.