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After a long period of hesitation, the Rieter industrial group is now curbing the economy. 300 jobs to go. Also, “more market and volume-related adjustments of 400 to 600 business rows could come,” according to a Thursday statement.
Spinning machine manufacturer Rieter has so far received significantly fewer orders this year. With no signs of a quick recovery, there are massive layoffs. Incoming orders decreased by 63 percent to 325 million francs in the first half of the year. The component and spare parts business is doing slightly better, especially as demand for new machines is falling.
In itself, the decline is no surprise. Analysts had expected this after things fell sharply in the second half of 2022. However, the currently reported figure is below the expectations of experts.
Rieter, whose main shareholder Peter Spuhler (63) owns a third of the shares, is now planning its next savings programme. This should reduce costs by around CHF 80 million per year. The company currently employs 5555 people worldwide. The announcement does not specify where the dismantling will take place. (SDA/lui)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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