UK FERRY COMPANY TO CUT JOBS TO COMPETE WITH CHANNEL TUNNEL

UK FERRY COMPANY TO CUT JOBS TO COMPETE WITH CHANNEL TUNNEL

P&O, Britain's largest ferry company, said it was eliminating as many as 450 jobs to streamline operations to compete with the Channel tunnel, which is due to open next year.

The company, which employs 6,000 people, said most of the cuts would involve shore-based employees and would take effect early next year. Standards of safety and service would be maintained, it said."We are determined that in the new era which is about to begin, we will be seen as the Channel tunnel's main competitor. We have been working on that basis for the last six years and this latest development further strengthens our position," the company said in a statement.

Freight services in the Channel tunnel linking France and Britain are due to start in March 1994 and passenger services in April.