Friday , December 2 2022
Home / SNB & CHF / Global goods inspector SGS to shed 1,500 jobs

Global goods inspector SGS to shed 1,500 jobs

Summary:
SGS was founded in 1878 to help standardise the trade of goods around the world. Keystone / Salvatore Di Nolfi The world’s largest goods inspection and testing group SGS will shed 1,500 jobs worldwide in a cost saving drive. The Geneva-based company said on Wednesday that inflation and the Ukraine war are having a negative effect on its business. “The consequences of the war in Ukraine have had a broader effect on our business mix and volumes in certain European end markets, impacting margins,” SGS stated. The group has therefore resolved to bring in measures to save CHF50 million ( million) annual costs from 2023. These include slashing posts and relocating some of its operations to different parts of the world. SGS employs some 96,000 staff in more than

Topics:
Swissinfo considers the following as important: , , , ,

This could be interesting, too:

Investec writes Swiss rents set to rise as much as 15 percent

Charles Hugh Smith writes The “Oil Curse” and Splashy PR Announcements of Oil Production Cuts

Joseph Y. Calhoun writes Weekly Market Pulse: Currency Illusion

Fintechnews Switzerland writes Crypto Winter Wipes Out 72,000 Bitcoin Millionaires in 2022

Global goods inspector SGS to shed 1,500 jobs

SGS was founded in 1878 to help standardise the trade of goods around the world. Keystone / Salvatore Di Nolfi

The world’s largest goods inspection and testing group SGS will shed 1,500 jobs worldwide in a cost saving drive.

The Geneva-based company said on Wednesday that inflation and the Ukraine war are having a negative effect on its business.

“The consequences of the war in Ukraine have had a broader effect on our business mix and volumes in certain European end markets, impacting margins,” SGS stated.

The group has therefore resolved to bring in measures to save CHF50 million ($53 million) annual costs from 2023. These include slashing posts and relocating some of its operations to different parts of the world.

SGS employs some 96,000 staff in more than 2,700 offices and laboratories worldwide.

Its business is to inspect goods shipments for quantity, weight and quality and test whether they meet health and safety standards.

The company was founded in 1878 in France to standardise goods, shipments and related documents in global trade.

SGS moved its headquarters from Paris to neutral Switzerland in 1915, during World War I.

More: SWI swissinfo.ch certified by the Journalism Trust Initiative


Tags: ,,
About Swissinfo
Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.

Leave a Reply

Your email address will not be published. Required fields are marked *