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 ?xml:namespace>
“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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