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Renault F1 jobs under threat | Renault F1 jobs under threat |
(1 day later) | |
The Renault Formula One team, based in Oxfordshire, has begun consulting with staff about more than 60 job losses. | The Renault Formula One team, based in Oxfordshire, has begun consulting with staff about more than 60 job losses. |
The company, which is also losing its main sponsor, employs 350 people at its Enstone headquarters. | |
In a statement Renault said the cuts were due to a change in Formula One regulations, not the economic downturn. | In a statement Renault said the cuts were due to a change in Formula One regulations, not the economic downturn. |
The jobs under threat are in the test team and the aerodynamics department. Renault finished fourth in last year's F1 constructors' championship. | The jobs under threat are in the test team and the aerodynamics department. Renault finished fourth in last year's F1 constructors' championship. |
The consultation period about the job losses is due to end at the beginning of March. | The consultation period about the job losses is due to end at the beginning of March. |
Change to regulations | Change to regulations |
Honda, based in nearby Brackley, has already announced its withdrawal from F1 because of cost cutting. | Honda, based in nearby Brackley, has already announced its withdrawal from F1 because of cost cutting. |
However, a statement from Renault said financial pressures were not behind its decision. | However, a statement from Renault said financial pressures were not behind its decision. |
"Unlike other companies in the area this 'restructuring' of the team is not a direct consequence of the economic downturn but rather due to the change in the F1 Regulations. | "Unlike other companies in the area this 'restructuring' of the team is not a direct consequence of the economic downturn but rather due to the change in the F1 Regulations. |
"In fact, the jobs potentially made redundant are in the test team and in the aerodynamic departments, which were both affected by the new rules". | "In fact, the jobs potentially made redundant are in the test team and in the aerodynamic departments, which were both affected by the new rules". |
The Dutch financial services company ING said it will not be renewing its contract after the end of the 2009 season as a cost-cutting measure. | The Dutch financial services company ING said it will not be renewing its contract after the end of the 2009 season as a cost-cutting measure. |
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