Sulzer to cut 1,400 jobs
The Swiss engineering group announces layoffs under a CHF 55 million cost-cutting programme.Zurich -- Swiss engineering group Sulzer on Wednesday announced 1,400 job cuts under a CHF 55 million (EUR 37 million, USD 51 million) cost-cutting programme until 2011.
"Market conditions in Sulzer’s key segments have continued to decline over the last months and no quick recovery or improvement is expected," it said in a statement.
Sulzer said it was targeting annual savings of CHF 110 million a year after the programme is fully implemented by mid-2011. The CHF 55 million charges are expected to be booked by 2010.
"Compared to Sulzer’s workforce of 12,726 employees at the end of 2008, Sulzer expects approximately 1,400 employees to be affected by these cost reduction measures," it added.
Sulzer said it would seek to minimise outright layoffs, which will be focused on Europe and the Americas.
AFP / Expatica