A famous Coventry industrial name has announced significant job losses after suffering in a world-wide slump.

CEL International, formerly Courtaulds Engineering, will lay off around half its 140 workers before the end of the year.

The company, which was bought by Dutch giants Akzo Nobel last year, is based on Foleshill Road but also has satellite offices in Derby, Grimsby and Shanghai.

It builds new process plants for companies. It is currently working on projects in Poland and Stevenage for Glaxo.

Chief executive Rodney Haynes told CWN:

"We are not yet going to give details of who will lose their jobs but we are just victims of the current trading conditions which are very, very tough.

"We are having to take action but the company will continue to go forward and we will offer a similar service but at a reduced level until the market allows us to grow again.

"In the long run we would see individuals rejoining the company but the current market is very hard."

A statement issued by the company said:

"The situation is expected to remain depressed through the next year.

"CEL International, in common with the rest of the industry, has been affected. To secure a strong, competitive and profitable future, a restructuring and streamlining programme was unavoidable.

"The job losses will take place at all levels over the remainder of 1999. Most of the reduction will occur in Coventry. There will be full consultation with employees and their representatives and the company will do all it can to support those affected through facilities for job search and counselling."