The job cuts, which will extend until mid-2021, should allow the manufacturer of cables and electrical components to save 15 to 20 million francs.
The manufacturer of electrical cables and components Huber + Suhner observed a decline in sales and order intake in the first nine months of 2020. The company has decided to reduce its workforce by 250 people, including 100 in Switzerland, until mid- 2021 in a context marked by the coronavirus pandemic, the group announced on Thursday.
These job cuts should be achieved “largely” through natural fluctuations and early retirement, but layoffs cannot be avoided. The production site in Brazil will also be closed, according to the statement from the group based in Herisau. This measure should make it possible to generate annual savings of 15 to 20 million francs.
In terms of nine-month results, sales were down 13% to 563.3 million, while order intake fell 9% to 571 million, in particular due to the coronavirus pandemic.
These numbers are a little lower than the average expectations of analysts surveyed by AWP. The latter anticipated orders of 577.8 million francs and a turnover of 565.9 million francs.
For the year as a whole, the group has confirmed its financial objectives. It expects second-half sales to be stable compared to the first six months and the annual operating profit (EBIT) margin is expected to reach the level of the first half, if the main markets of the company are not subject to a new confinement.
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Posted today at 07:14
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