Crisis deepens at Gretag Imaging
The photo finishing and products group, Gretag Imaging, has released a poor set of results for last year and has announced further job cuts. Around 100 posts are expected to go in Switzerland.
The company made a net loss in 2000 of SFr46 million ($26.68 million) as product problems and extraordinary warranty payments weighed on second-half earnings.
Gretag Imaging also said that it expected a decline in sales this year and warned that new orders were well below expectations due to the uncertain economic environment in the United States.
The company said it intended to cut a further 340 jobs worldwide, with 100 of those affecting the Swiss workforce. Job cuts will also be carried out in the US and Italy.
The latest redundancies come on top of 200 already announced in February. Fifty temporary workers were laid off at the company’s plant in Regensdorf.
Performance problems with some of its equipment caused a liquidity crisis at the beginning of the year after the US firm, Qualex, temporarily withheld payments.
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