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Canon is to axe 500 jobs in the UK despite having reported record global sales over the last 12 months.

The printer and copier company said that it was not immune from the pressures being faced by the whole industry.

Following a review of its business in the UK, the Surrey-based operation said its workforce would be cut from 3,000 to 2,500 over the next few weeks.

In a statement issued this afternoon Canon UK MD, Lars-Erik Kennbert, said: "The decision we've taken is a tough but necessary one.

"We are currently undergoing a fully inclusive consultation process with the staff affected and those who are not being re-deployed within Canon UK will receive redundancy packages and every assistance in finding new positions."

Canon maintains that despite the job cuts it is in a strong position to weather the current economic climate. ®

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