© Sulzer

Zurich, Switzerland (GenevaLunch) -  Swiss engineering giant Sulzer is to cut 1,400 jobs or 11 percent of its workforce across all divisions by the first half of 2011, the company announced this morning 24 June. The cuts will come mostly in the European and American divisions. The company says it will attempt to reduce the number of direct firings by encouraging voluntary retirements, through natural attrition, and a reduction of outsourced labour. It hopes to achieve savings of CHF110 million.

The deteriorated market conditions have affected Sulzer worldwide, the company says, and it does not foresee any quick improvements. The company reports that it increased its revenues CHF100mn this year by selling off “non-essential” real estate.

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