JAGUAR LAND ROVER is running tests at its factories ahead of restarting production as it recovers from a crippling cyber attack.
The car maker says some sections of manufacturing will “resume in the coming days”.
Jaguar Land Rover says some sections of manufacturing will ‘resume in the coming days’[/caption]
JLR, which is thought to usually build 1,000 cars a day, is due to restart some production at its Wolverhampton engine factory this week.
Yesterday, a spokeswoman said: “We will continue to work alongside cybersecurity specialists, the National Cyber Security Centre and law enforcement to ensure our restart is done in a safe and secure manner.”
JLR paused all manufacturing in September after being targeted by hackers.
The group extended the production pause into October after its tech systems were disrupted, with the attack affecting its factories in Halewood in Merseyside and Solihull, West Mids, as well as its Wolverhampton site.
Experts have warned the production shutdown could hit the group’s bottom line by around £120million.
It also left linked companies in limbo, leading to the Government agreeing to underwrite a £1.5billion loan guarantee to JLR to give its suppliers some certainty over payments.
Aston Martin Lagonda yesterday warned it expects underlying losses to top £110million, partly due to supply chain pressures stemming from the woes at JLR.
SHAW THING
BUSINESS lender Shawbrook is planning a return to the London Stock Exchange — with a potential valuation up to £2billion.
The private equity-backed firm confirmed it is considering an IPO as it looks to improve brand recognition and boost its access to a wider range of sources of capital.
It was previously listed in London but has been owned by BC Partners and Pollen Street Capital since 2017.
MONDI BLUES
SHARES in Mondi plunged to a 12-year low yesterday after the global paper producer said it faced “challenging” conditions.
The FTSE 100 firm added that it would extend maintenance closures at some of its sites in response to lower demand.
And it plans to cut costs by reorganising the business from three divisions to two.
Shares in Mondi, which employs 24,000 people globally, tumbled by 15 per cent.
LIDL £250M PRICE DRIVE
LIDL is slashing prices on everyday essentials as part of a £250million investment to help shoppers save ahead of the festive season.
The supermarket has already reduced prices on more than 1,000 products this year and plans to roll out further discounts.
Richard Bourns, chief commercial officer at Lidl GB, said: “We’re committed to providing our customers with the best value and our teams work tirelessly to deliver this for them.
“Everyone should have access to healthy, affordable food.”
