The world’s leader in flavours and fragrances, Givaudan of Geneva, is to shed 120 jobs at its savoury flavours plant at Kempthal near Zurich.This content was published on August 31, 2010 - 14:06
Givaudan said on Tuesday that it was moving production from Switzerland and Britain to Hungary where it was investing SFr170 million ($165 million) in a new plant to increase productivity.
Hungary was chosen because of its proximity to fast-growing markets in eastern Europe.
Commenting on the cuts in Kempthal, spokesman Peter Wullschleger told the Swiss News Agency that the group had to centralise and modernise because the facility was “too old”.
He added that those employees affected would be offered jobs at other sites or early retirement. There would be no redundancies.
Earlier this month, Givaudan announced a first-half net profit of SFr200 million, more than double that of the comparable period last year (SFr96 million).
Over the next five years, Givaudan aims to expand sales by about 4.5 per cent to 5.5 per cent a year, which is above market growth.
swissinfo.ch and agencies
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