Swiss engineering firm Sulzer cuts 1,400 jobs
Swiss engineering company Sulzer AG said Wednesday it is cutting 1,400 jobs or about 11 per cent of its global work force because of the economic downturn.
By Agencies |
WINTERTHUR, SWITZERLAND: Swiss engineering company Sulzer AG said Wednesday it is cutting 1,400 jobs or about 11 per cent of its global work force because of the economic downturn.
Most of the jobs will go in Europe and the Americas, Sulzer said. The Winterthur-based company said it hopes to achieve most of the cuts through voluntary redundancies and aims to save 110 million Swiss francs ($103 million) in costs a year as a result. The job cuts will cause one-off expense of 55 million francs, it said.
Sulzer, which makes pumps, coatings and chemical stacks, reported profits of 323 million francs last year, an increase of 14 percent on 2007.
Swiss authorities opened criminal proceedings against Sulzer's biggest shareholder, Russian tycoon Viktor Vekselberg, in April. Vekselberg is suspected of violating stock exchange disclosure requirements when he and Austrian investors Ronny Pecik and Georg Stumpf built up stakes in Sulzer between Nov. 2006 and April 2007.
Pecik and Stumpf later sold their shares to Vekselberg, who now owns over 31 percent through his Renova investment vehicle.
Most of the jobs will go in Europe and the Americas, Sulzer said. The Winterthur-based company said it hopes to achieve most of the cuts through voluntary redundancies and aims to save 110 million Swiss francs ($103 million) in costs a year as a result. The job cuts will cause one-off expense of 55 million francs, it said.
Sulzer, which makes pumps, coatings and chemical stacks, reported profits of 323 million francs last year, an increase of 14 percent on 2007.
Swiss authorities opened criminal proceedings against Sulzer's biggest shareholder, Russian tycoon Viktor Vekselberg, in April. Vekselberg is suspected of violating stock exchange disclosure requirements when he and Austrian investors Ronny Pecik and Georg Stumpf built up stakes in Sulzer between Nov. 2006 and April 2007.
Pecik and Stumpf later sold their shares to Vekselberg, who now owns over 31 percent through his Renova investment vehicle.
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