The Geneva-based company said on Wednesday that inflation and the Ukraine war are having a negative effect on its business.
“The consequences of the war in Ukraine have had a broader effect on our business mix and volumes in certain European end markets, impacting margins,” SGS stated.
The group has therefore resolved to bring in measures to save CHF50 million ($53 million) annual costs from 2023. These include slashing posts and relocating some of its operations to different parts of the world.
SGS employs some 96,000 staff in more than 2,700 offices and laboratories worldwide.
Its business is to inspect goods shipments for quantity, weight and quality and test whether they meet health and safety standards.
The company was founded in 1878 in France to standardise goods, shipments and related documents in global trade.
SGS moved its headquarters from Paris to neutral Switzerland in 1915, during World War I.
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Switzerland's economy grew slightly at the start of 2024, with growth in the service sector contrasting with weak growth in industry.
Swiss employment rate rises in first quarter of 2023
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The number of women and foreign nationals in employment increased particularly strongly, the Federal Statistical Office said on Thursday.
Coercion still an issue in Swiss welfare system, report finds
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The rights of vulnerable people are still sometimes disregarded by the Swiss welfare system, a national research programme has found.
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Viola Amherd has expressed her “deep shock” at the assassination attempt on Slovakian Prime Minister Robert Fico on Wednesday.
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A man injured half a dozen people with knives, two of them seriously, before being arrested on Wednesday in northern Switzerland.
Switzerland to introduce flight passenger database
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Switzerland plans to introduce a flight passenger database to collect and process personal data in a bid to combat terrorism and serious crime.
Government plans to invest over CHF16bn in Swiss rail network
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The federal government intends to invest CHF16.4 billion ($18.1 billion) in railway infrastructure between 2025 and 2028, CHF2 billion more than for the current period.
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The Komgo venture will be based in Geneva, which is home to many of the world’s best-known commodities trading companies and is one of the most important global hubs for the industry. Commodities trading has long been held up as one of the more promising sectors for blockchain technology. This is because the shipment of…
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