Sulzer Industries announced Thursday that it would shed 2,000 out of its 19,000 jobs by the end of 2001 as part of a realignment programme aimed at boosting competitiveness and profitability.This content was published on August 26, 1999 - 17:37
Sulzer Industries announced Thursday that it would shed 2,000 out of its 19,000 jobs by the end of 2001 as part of a realignment programme aimed at boosting competitiveness and profitability.
Sulzer said it would focus on the oil, gas and chemical industries and related markets, where strong growth was planned, above all in the service business.
The board of directors and management said it regretted the job losses but underlined it would honour its commitment to Sulzer workers.
About half of the job losses are to take place in Switzerland, about one third in other European locations and the remainder overseas, Sulzer said.
Both Sulzer Industries management and Swiss trade union representatives said they would start talks to work out a mutually acceptable package for those losing their jobs. Details would be announced later in the year, both sides said Thursday.
Trade unions strongly criticised Sulzer's decision and accused the company of working for the benefit of shareholders only.
Sulzer Industries management said the restructuring programme would save annual costs of more than SFr100 million ($66.6 million).
“I am convinced that this realignment will lay the foundations of a profitable future for Sulzer Industries,” CEO Fred Kindle said in a company statement.
Sulzer Industries integrates all industrial activities of the Sulzer Corporation and groups the oil, gas and chemical industries as well as products and services such as pumps, compressors, coating technology and mixing technology. Sulzer Industries is also known for its weaving machinery and hydroelectric power plant machinery.
From staff and wire reports.
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