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Jobs to go at sea-freight company

Kühne & Nagel, the world's largest sea-freight company, has announced up to 4,500 job cuts worldwide in 2009 despite filing record annual results.

The Swiss-based company said on Tuesday that it had been hit by the economic downturn in the last quarter of 2008.

The company, which employs 54,000 people worldwide, already had to cut 1,800 jobs at the end of January. The further job losses will make up part of cost-cutting exercises for the year ahead.

Net profit for the year was SFr585 million ($498 million), an increase of 9.1 per cent on 2007. Turnover rose by three per cent to SFr21.6 billion.

The company said growth would have been stronger without unfavourable insurance and freight rates in the last year.

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