The engineering group Alstom is to cut 4,000 jobs from its power division in the next 18 months, with as many as 750 job losses in Switzerland.This content was published on October 4, 2010 - 21:22
The French company announced the decision on Monday, blaming the impact of the economic crisis on the coal and gas plant equipment markets.
Germany and the United States are the other two countries earmarked for substantial staff cutbacks.
Alstom said the cost-saving measures "would be implemented in Europe and North America where the new equipment markets for coal and gas power plants are most affected by the economic crisis”.
The company said its services and renewable energies businesses in the power sector, including Alstom Hydro and Alstom Wind, would not be affected.
Alstom said in July sales had started to decline in its Power division, falling six per cent in the fiscal first quarter year-on-year.
The French group cited a lack of large projects as customers delayed investments in new power plants.
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