ABB cuts jobs to deal with debt
Adjust font size:
Manufacturing News, Source : TheManufacturer.com
Published : 08 Nov 2002 10:46
More than 10,000 job cuts have been announced at engineering company ABB.
The cuts at the Swiss-Swedish company are the result of an increasing struggle with debt as chief executive Juergen Dormann aims to slash costs by $800m within 18 months. This latest news is part of a restructuring package that will hopefully attract back investors. ABB has admitted that profits will fall sharply but it is focused on reducing its total debt.
Comments on this story
click here to add a comment
You must be registered & logged in to add comments
already have an account and just want to login?
Manufacturing is to begin again at Fort Dunlop
MANUFACTURING: Refurbished landmark industrial...
more…
McCain’s is to migrate to wind power
FOOD: Turbines to provide over half annual power...
more…
New president of the SBAC defends the right to fly
AEROSPACE: Entering a defining period where...
more…
Sheffield Forgemasters
Sheffield Forgemasters is to give its 700-strong...
more…
SSL International
SSL International, which manufactures Durex...
more…
no comments yet...