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Tornos to cut 200 jobs

The Swiss machinery company, Tornos, is to cut 200 jobs. The announcement came as it reduced its sales outlook for 2001, saying the economic downturn was hitting business.

Shares in Tornos were suspended for the rest of the day, the Swiss Exchange announced earlier.

Prior to its suspension shares in Tornos were down 3.4 per cent at SFr38.60.

The Tornos Group employs more than 1,200 people, with about 1,000 working at the group’s headquarters in Moutier, in canton Bern.

Tornos develops and manufactures integrated machine tools: single-spindle automatic lathes with sliding headstock, fixed headstock, multi-spindle lathes, bar loaders and peripheral equipment.

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SWI - a branch of Swiss Broadcasting Corporation SRG SSR