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groupfiveBusiness Report reports that further retrenchments are looming at Group Five following the revision by the listed construction and engineering group of its strategy.  

The group reported last week that it would migrate its construction operations into streamlined, smaller businesses that had a competitive advantage and planned to dispose of its manufacturing businesses “in due course”.  CE Themba Mosai confirmed this week that those businesses that did not fit the revised strategy would be exited, ideally through a sale.  But Mosai conceded that some businesses might need to be closed, which would have an impact on employment by the group.  It would only be able to provide more information once the market had been updated.  Mosai advised that the group’s manufacturing business employed about 700 people and if it sold that business, the people would be sold with the business because they were key.  But he stressed he could not speak for a potential buyer in terms of their plans after the sale.  The group has already undertaken several restructuring and retrenchment programmes in recent years.

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