Diamond makes deep cuts in Ticino
The Diamond company, active in the field of fibre optics, announced on Tuesday that it was making 140 employees redundant at the end of the month.
The company, based at Losone in canton Ticino, blamed a severe decline in orders for the measure. A social plan is being implemented for those affected.
In a statement, Diamond said the current weakness of the telecommunications market and global mergers in the sector had contributed to the fall in demand.
Fibre optic connectors
The company, which is the world's leading manufacturer of high-precision fibre optic connectors, cut 200 jobs in September last year. The latest announcement will reduce the workforce to about 400.
Founded in 1958, Diamond was originally a machinist of ultra-hard materials and a manufacturer of industrial jewels, record player styluses, and other high-precision components.
In its heyday, the company employed 850 people.
With the arrival of Compact Disc technology, Diamond diversified its activities into fibre glass but has progressively reduced its workforce.
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