Swiss chem engineer Sulzer to slash 1,400 jobs

24 June 2009 14:18  [Source: ICIS news]

TORONTO (ICIS news)--Sulzer plans to cut 1,400 jobs, or 11% of its global workforce, as it sees no improvement in market conditions, the Switzerland-based diversified chemical engineering group said on Wednesday.

The cuts, mainly in Europe and the Americas, would yield about Swfr110m ($103m, €73m) in annual savings after completion in 2011.

“Over the last months, market conditions further declined in virtually all market segments of Sulzer,” the company said.

“No quick recovery or improvement in Sulzer’s key markets is expected.”

Sulzer's share price rose 3.3% to Swfr 65.65 in afternoon trading on the Swiss stock exchange.

($1 = Swfr1.07/€1 = Swfr1.51)

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By: Stefan Baumgarten
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