Princess Yachts, Plymouth
Image caption Princess Yachts stated it had been anticipating an "ambitious year"
Luxury yacht builder Princess Yachts is reduce 350 tasks.
The Plymouth-based business, that has over 2, 000 staff, said it absolutely was starting redundancy consultations included in a large-scale restructuring.
It anticipated tasks to go in right back company areas, plus the development and production divisions, after just what it described as a gruelling year for the industry.
The union Unite described it as a "big blow" for all those affected.
The company stated while "regrettable, " the move formed section of a strategic intend to improve productivity.
'constantly a tragedy'
Chris Gates, handling Director of Princess Yachts, said: "The strategic overview of our company while the steps we are using to improve manufacturing at our Plymouth headquarters have actually laid the fundamentals for a committed 12 months."
Dave Springbett, Regional Officer the Unite union said: "It is bad news to be honest particularly for Plymouth.
"We have a problem with attracting and maintaining good quality production jobs down right here. It really is a huge blow.
"I'm very optimistic we can reduce the quantity, additionally the union is going to do everything we are able to to help those affected, " he stated.
George Cowcher, of Devon Chamber of Commerce, said: "It's always a tragedy regarding person if they lose work, but in these economic conditions currently we have other programs that are definitely recruiting".
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