Bradken to axe 500 jobs

Troubled heavy engineering group Bradken will shed 10% of its workforce as part of a major restructure.

Bradken says the restructure will involve its employee numbers falling to 4,700 - 10% lower than last December and 25% below its peak in 2012.

The company hopes to reduce its operating costs by $27 million a year by reorganising its manufacturing operations.

News of the job cuts comes after Bradken reported in February that its first half net profit tumbled 18% to $38.1 million.

The company makes products for the mining, rail, steel making, cement and energy sectors.