Swiss engineering group Sulzer has announced 1,400 job cuts, the equivalent of 11 per cent of its global workforce.
The move is part of a cost-cutting programme through which the company plans to save SFr110 million ($103 million) annually after the various measures have been completed in the first half of 2011.
In a statement, Sulzer said that market conditions in its key segments had continued to decline over the past months and no quick recovery or improvement was expected.
"With these measures, Sulzer is taking timely action to adapt to the changed market conditions," Sulzer said.
Sulzer introduced short-time working at some sites earlier this year. The job cuts by the end of this year will mainly take place in the United States and Europe, the company said. At the end of 2008 Sulzer had the equivalent of 12,726 full time employees.
The company, based in Winterthur, north of Zurich, is active in machinery and equipment manufacturing as well as surface engineering.
In compliance with the JTI standards