(MENAFN- Swissinfo)
Dormakaba believes job cuts are the key to better performance. © Keystone / Christian Beutler
The Swiss dormakaba lock making group is cutting 800 jobs in a bid to achieve annual savings of CHF170 million by 2026.
This content was published on July 3, 2023 July 3, 2023 swissinfo.ch/mga The company, based in Rümlang, canton Zurich, announced on Monday that the cuts are part of a new strategy to streamline its organisation and deliver better financial results.
Part of the reorganisation will focus on back office functions, such as finance and human relations, while the firm is also targeting IT efficiencies.
“While the program's implementation may impact up to 1,800 positions, the expected net reduction of full-time equivalent positions will be approximately 800,” stated the company, which has a 16,000-strong workforce.
The firm has traded as dormakaba in Switzerland since the 2015 merger of the Swiss Kaba Group (established 1862) and the German Dorma lock makers (est. 1908).
The restructuring will entail a one-off CHF225 million cost plus CHF100 million investment in a new IT system and other outlays.
“This effort will free capacity for further investments in growth and strengthen our innovation capabilities,” said group CEO Jim-Heng Lee.“Eventually we must get better before we get bigger.”
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