Axer Sulzer takes recessionary remedy
Share
Winterthur, Switzerland - Pumps and industrial machinery manufacturer Sulzer is cutting more than 10% of its workforce as part of a major cost-cutting programme.
Some 1,400 jobs will go from the end-2008 staff level of 12,726, with Europe and the Americas the main regions affected.
The job losses are part of a programme designed to generate annual cost savings of some CHF110 million (£62m) after completion in the first half of 2011.
The action follows further decline in virtually all of Sulzer’s market segments and from which it sees no quick recovery or improvement. The Sulzer Pumps division, however, will be fulfilling its “high order backlog in many locations” before its capacities need to be adjusted.
Short-time working and a reduction in subcontracting have been introduced at various sites since early 2009.
A disposal programme of non-essential real estate in Switzerland has realised in excess of CHF 100m in the first half of 2009, although no further notable disposals are projected this year.
