Credit: REUTERS/ARND WIEGMANNZURICH, 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;))
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