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22nd October 2008

The Canadian headquartered engineering group Mecachrome International, which includes a French division that supplies motorsport engineering services to the Renault F1 team, the Peugeot sportscar racing team and the GP2 series, has confirmed that it will make 120 redundancies in its aerospace operations in Canada during 2009 as part of a financial restructuring programme.

Gérard Casella, Mecachrome's chairman, president and CEO said, "This is the first initiative we announce pursuant to our operational review. This review is still ongoing and we continue to assess potential ways to improve our profitability."

In August Mecachrome cited a freeze on F1 engine technology introduced in 2007 as one of the reasons for a $17.5m loss in the second quarter of 2008 and which led to the restructuring plan.

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