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Switzerland's OC Oerlikon to cut 2,500 jobs

Switzerland's OC Oerlikon to cut 2,500 jobs

Swiss industrial group OC Oerlikon said Tuesday it is cutting 2,500 jobs and replacing its chief executive after posting a 99 million Swiss francs ($93 million) loss for the first half of the year.
Oerlikon, which makes solar components, industrial coatings and pumps, already cut 1,500 jobs earlier this year. The additional cuts are part of a plan to reduce costs by 400 million francs compared with 2008.
Spokesman Burkhard Boendel said several hundred jobs in the United States would be affected, but declined to provide details. Italy and Germany will also face cuts, he said. The company said it had 18,385 employees in 2008.
Meanwhile, the company said Hans Ziegler would take over as acting CEO with immediate effect, replacing Uwe Krueger, who led Oerlikon since 2007.
The Renova Group investment firm of Russian billionaire Viktor Vekselberg, which holds 44.67 percent of Oerlikon shares, welcomed the announcement.
Oerlikon shares were down 5 percent at 69 francs ($65.08) on the Zurich exchange.


Updated : 2020-12-04 05:22 GMT+08:00