Well, knew it was coming
Having worked there from 1996-2004, it seemed year on year things got worse - when you had a management team who when confronted with their onsite engineers having low morale, suggesting that morale was unimportant gives you an idea of how out of touch they really were. Too many people with no clue trying to direct a few who knew what they were doing, but who were ignored when it came to the decision making process.
My thoughts are with those who are now jobless, lets hope they all get alternative employment soon and that in a few years time they can look back on this as the best thing that could have happened to them career-wise!