Dormakaba’s Cost-Cutting Program Affects 183 Positions in Switzerland
Published: Tuesday, Oct 10th 2023, 15:50
تم التحديث في: الجمعة، 13 أكتوبر 2023، الساعة 14:12:14
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Dormakaba, a Swiss-based lock technology company, has announced a comprehensive cost-saving and transformation program that will affect 183 employees in Switzerland. There will be no closures of sites or production facilities in the country. The expected net reduction in full-time equivalents in Switzerland, excluding fluctuations, will be around 160 positions, to be achieved within three years by the 2025/26 financial year. The job cuts will mainly affect product development and production. Product development, based at the two largest sites in Rümlang and Wetzikon, will be "focused" and some parts will be relocated to Sofia, Bulgaria. In the production area in Wetzikon, job cuts will be made as part of "long-standing" measures for continuous rationalisation and automation. The company is committed to finding "optimal solutions" for all affected employees, offering external outplacement counselling, internal job placements and support for affected employees in the application process. The transformation program announced in July is expected to save an annual cost of around 170 million Swiss francs by the 2025/26 financial year. Worldwide, the restructuring is expected to affect up to 1,800 of the 16,000-strong workforce, with around 800 full-time positions to be eliminated. The main goal of the measure is to achieve the company's medium-term financial targets of its "Shape4Growth" strategy, with an annual organic revenue growth of 3 to 5 percent and an operating profit margin of 16 to 18 percent by the 2025/26 financial year.
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