Famous company to lay off 1,500 employees
Swiss-based construction chemicals manufacturer Sika plans to part ways with 1,500 employees due to the economic slowdown in China.
Sika has decided to reorganize its organizational structure in underperforming markets such as China. During this restructuring process, a workforce reduction of up to 1,500 people is anticipated. The company stated that these changes will incur a one-time cost of between 80 and 100 million Swiss francs.
Sika's sales, which were 8.91 billion Swiss francs in the January-September period of last year, fell to 8.58 billion Swiss francs in the same period this year due to fluctuations in exchange rates. The double-digit decline in the Chinese construction sector has negatively impacted the company's financial performance.
Despite this, Sika managed to increase its sales by 1.1 percent in local currencies. The company, which employs 34 thousand people worldwide, aims to optimize its workforce during this restructuring process.
News Source: 12punto
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