2000....OC Oerlikon Corp., the world’s biggest maker of spinning machines, is eliminating more than 2,000 jobs, adding temporary workers to a job-cut program designed to counter a textile and automotive slowdown.
Oerlikon began cutting more than 1,000 jobs last year. Most of the total reduction will be completed by the end of the first quarter, spokesman Burkhard Boendel said today in an interview. More details will be provided soon, he said.
Cloth makers in Turkey, India and China are reining in purchases to combat a slump in consumer spending and rising costs for credit and investment. Oerlikon had 19,000 permanent employees in 35 countries at the end of 2007. It is now also shortening hours and reducing temporary workers at its Textile, Coatings, Mechatronics and Graziano units to lower costs.
“They really have a problem with the decline in orders,” said Zuercher Kantonalbank analystArmin Rechberger in an interview. “There may be even more job cuts.”
Oerlikon, which also makes coatings equipment and automotive components, will continue to streamline its businesses, Chief Executive Uwe Krueger said in slides for an investor presentation on Jan. 16.
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