Swiss logistics group Kuehne+Nagel to cut up to 1,500 jobs
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Swiss logistics group Kuehne+Nagel to cut up to 1,500 jobs
Swiss logistics group Kühne+Nagel is launching a cost-cutting program, which will slash 1,000 to 1,500 full-time positions, following a slump in profits.
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Turnover fell by 7% to CHF6.04 billion. Gross profit adjusted for volatile freight tariffs fell by 4% to CHF2.11 billion.
As a result, operating profit (EBIT) fell by a whopping 37% to CHF285 million and net profit by 39% to CHF206 million.
The market environment was characterised by overcapacity and pressure on margins, according to a press release. Nevertheless, market shares were gained.
Kuehne+Nagel is a pawn in trade policy controversies, both directly and indirectly. United States President Donald Trump’s tariffs have a direct impact on trade volumes, while Trump’s statements also have an indirect effect on the US currency, which is important for Kuehne+Nagel. Without currency effects, sales would only have declined by 3%.
Analysts’ expectations were exceeded in terms of sales, but EBIT fell short.
Targets lowered
Kuehne+Nagel has significantly lowered its targets for the current year. The group is now aiming for an EBIT of over CHF1.3 billion. Previously, a figure of between CHF1.45 billion and CHF1.65 billion had been targeted.
At the same time, Kuehne+Nagel is launching a savings programme to reduce costs by over CHF200 million per year. “Difficult external factors are forcing us to increase our efficiency and performance culture sustainably and in the long term,” CEO Stefan Paul said.
Translated from German by DeepL/mga
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