Renishaw founder and Chief Executive Sir David McMurtry told BBC News he remained optimistic.

BBC: Engineering firm cuts 440 posts

Based at Renishaw Hall, a gloomy mansion outside Sheffield, in the north of England, they made a fortune from manufacturing nails.

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Some 440 jobs are being cut worldwide by Gloucestershire-based engineering group Renishaw.

BBC: UK jobs tracker

Renishaw said sales had been particularly affected by the fall in demand for capital goods in sectors such as car making, which it believes is not likely to recover in the short term.

BBC: Engineering firm cuts 440 posts

Renishaw said sales had been particularly affected by the fall in demand for capital goods in sectors such as car makers, which it believes is not likely to recover in the short term.

BBC: Jobs loss threat for engineers