Saurer cuts workforce
The machine and components manufacturer, Saurer, is to cut more than 1,400 positions out of its global workforce of 11,000. The firm blamed the decision on declining orders and the continuing economic uncertainty in the United States.
The company’s net earnings for the first eight months of the year fell to SFr22.4 million compared with SFr25.7 million for the same period the previous year.
Saurer said it expected to post a significant loss for the last four months of the year and that there was even a risk of a full-year loss.
The company said job losses would affect most divisions as a major restructuring programme was implemented. The measures will affect workers in Switzerland, Germany and the United States.
Saurer’s share price came under pressure on the Swiss stock exchange and was more than eight per cent down by mid-afternoon to SFr23.75
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