Electrical parts manufacturer Huber+Suhner announced it will move 80 jobs from Switzerland to Tunisia and Poland because of the negative effects of the strong franc.
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Huber+Suhner said the move to relocate assembly jobs involving a high degree of manual labour would boost its competitiveness, particularly in the euro zone.
“As an export-orientated company with important production locations in Switzerland, Huber-Suhner is particularly badly affected by upheavals on the international currency markets,” the company said in a statement on Thursday.
The company employs some 1,600 people at its two production sites in Herisau in north eastern Switzerland, and Pfäffikon near Zurich. The jobs will be lost from the Herisau site.
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Media see risks in historic franc intervention
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But many commentators feel that by setting a minimum exchange rate target of SFr1.20 to the euro Switzerland is paving the way for inflation and isolation in Europe. The central bank said on Tuesday it was aiming for the “substantial and sustained weakening” of the safe-haven franc, whose rise of more than 20 per cent…
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They say their salaries have fallen by 30 per cent since 2010 and should be readjusted; they have contacted the Swiss foreign ministry for support. Italian embassy staff in Bern are also unhappy about wages being paid in euros. Portuguese consular staff – mostly administrative and technical workers – have been on strike in Switzerland…
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The situation has become so difficult for some distributors that they have reduced their “Made in Switzerland” selection rather than have expensive products gathering dust on shelves. “Small and medium-sized businesses which import 100 per cent Swiss-made articles with high production costs such as cheese or chocolate have suffered the most from the exchange rate,”…
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