Nearly 50 jobs are to be axed in Telford after global giant Schneider Electrical, which has a £14.9 billion turnover, became the latest victim of the credit crunch, it was revealed today

The 46 compulsory redundancies, at Schneider Electrical’s plant on Stafford Park, are needed to make it more efficient and cope with an increasingly challenging economic situation, the Paris based company says.

Spokesman John Houston said the cuts had been forced on the company by the continuing global recession.

He said the move would also serve to provide greater security for the remainder of the workforce and no further job losses were anticipated at the Telford site.

Stephen Coop, Schneider Electric’s UK managing director, said: “Job losses are naturally deeply regrettable but we have had to act decisively in the current economic climate to ensure the stability and profitability that everyone employed by the company relies on.

“So many of the markets we serve have been early casualties of the credit crunch that we have had to address the situation expediently.”

Schneider Electric has hundreds of sites around the world, the Telford plant being one of 12 in the UK.

Mr Houston said 400 people were currently employed in Telford although some were field workers or based elsewhere and just on the Telford books.

Mr Houston added: “It is a sad situation but fortunately no further redundancies are due to be made.”