The company, which is part of China’s HNA group, announced that it could reduce its workforce in aircraft services by as many as 300 positions while adding more than 100 jobs in engine services.
“As a result, its actual 1,500-strong workforce at Zurich Airport could potentially be reduced to about 1,300 employees over a period of two years,” it said on Monday.
It cited the expense of doing business in Switzerland and its need to remain competitive for jobs review, for which it has launched staff consultations.
SR TechnicsExternal link, a former subsidiary of defunct national airline Swissair, has changed hands at least three times since 2002.
HNA Aviation acquired an 80% stake in SR Technics in 2016, while Mubadala Development owns the rest, according to the SR Technics website.
HNA Group, the heavily indebted aviation-to-financials conglomerate, is shedding assets amid a cash crunch.
Last month, it called off its listing of Swiss-based airline caterer Gategroup at the 11th hour. It plans to float its Swissport ground services and cargo handling business later this year.
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Why more Chinese companies will come to Switzerland
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Switzerland can expect to see a lot more companies coming over from China in the coming years, according to Liu Jiren, CEO of Neusoft.
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Emirates trio stakes a claim on SR Technics
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SR Technics said the new owners, Mubadala Development, Dubai Aerospace Enterprise and Istithmar, would purchase more than 90 per cent of the company. Of this stake, Mubadala Development will own 40 per cent and Dubai Aerospace Enterprise and Istithmar will hold 30 per cent each. The remaining shares will be retained by the management of…
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3i, which will be the majority shareholder, will pay SFr618 million ($423.7 million) for the company, whose staff will retain a 12 per cent stake. Another small private equity firm, Star Capital, will become a minority shareholder. SR Technics employs 2,900 people and expects turnover to reach SFr1.1 billion this year. It services among others…
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Following a string of successful sell-offs, individual divisions of the Swissair empire are now embarking on new journeys. From airline catering to the servicing of aircraft, from duty free retail to information technology, the former subsidiaries provide more than 50,000 jobs worldwide. With almost 10,000 of those jobs based in Switzerland, the companies’ continuing survival…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.