Swiss construction firm Implenia to shrink workforce by 2,000 by 2023

Credit: REUTERS/ARND WIEGMANN

Swiss construction and real estate firm Implenia plans to shrink its workforce by up to 2,000 full-time jobs by 2023, the group said on Tuesday, roughly 750 of which would be through lay-offs.

ZURICH, Oct 27 (Reuters) - Swiss construction and real estate firm Implenia IMPN.S plans to shrink its workforce by up to 2,000 full-time jobs by 2023, the group said on Tuesday, roughly 750 of which would be through lay-offs.

"As a consequence of the sharpened and accelerated strategy execution with focus on core solid margin businesses, Implenia must take unavoidable and painful measures," the Swiss firm said in a statement, which also highlighted the impact of COVID-19 on its performance. "The group will restructure its market presence and therefore plans to reduce its workforce significantly."

It said it expected to report a loss of around 70 million Swiss francs ($77.18 million) before interest, tax, depreciation and amortisation for 2020, 50 million francs of which is due to the impact of COVID-19.

Of the up to 2,000 full-time equivalent roles expected to be impacted by its restructuring, it said roughly 1,250 were planned to be transferred to new ownership, without providing details.

($1 = 0.9070 Swiss francs)

(Reporting by Brenna Hughes Neghaiwi; Editing by Sam Holmes)

((brenna.neghaiwi@thomsonreuters.com; +41 58 306 77 35;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More