Dyson To Lay Off 1,000 Employees In The UK

Dyson, a home appliance manufacturer, has announced plans to lay off 1,000 employees in the U.K., as communicated to staff on Tuesday.

Known for its premium vacuum cleaners, fans, and other household appliances, Dyson is making these cuts amid intensifying competition, particularly from manufacturers in Asia, which is the company’s largest market.

In a statement to CBS MoneyWatch, Dyson CEO Hanno Kirner attributed the layoffs to the heightened competitive landscape. "We have grown quickly and, like all companies, we review our global structures from time to time to ensure we are prepared for the future," he said. "As such, we are proposing changes to our organization, which may result in redundancies."

"Dyson operates in increasingly fierce and competitive global markets, in which the pace of innovation and change is only accelerating," Kirner added.

The job cuts, which account for about a quarter of Dyson's U.K. workforce, are part of a broader strategy to streamline its global operations, which currently employ around 15,000 people, according to the Financial Times, which first reported the layoffs.

James Dyson, the founder of the company in 1991, has an estimated net worth of $19.2 billion, as per the Bloomberg Billionaires Index. The Singapore-based company's product range also includes hair care items, air purifiers, and air treatment products.