HUBER+SUHNER introduces measures due to the currency crisis

25.02.2015, The company already responded to the currency crisis in January with a recruitment freeze, a salary freeze for 2015 in Switzerland, and various cost savings measures. With the consent of its employee representatives, HUBER+SUHNER has now decided to implement further measures. In line with the SWISSMEM collective employment contract, the weekly working hours will be increased for 12 months from 40 to 43 hours, starting 1 March. In addition, the target salaries for the Executive Group Management will be reduced by 10% and by 5% for other management functions. The Board of Directors will waive 10% of its remuneration.

HUBER+SUHNER is working intensively on short- and medium-term measures to restore its competitiveness in Switzerland again. After initial steps including a hiring freeze, a salary freeze for 2015 in Switzerland, the review of on-going projects and investments and general cost saving measures, an additional set of measures was decided upon in agreement with the employee representatives. Thus, all employees across all levels in the organisation are making a contribution.

The package includes a target pay cut of 10% for the Executive Group Management, and of 5% for other management functions. The Board of Directors will also waive 10% of its fixed remuneration in 2015. At the same time, the weekly working hours will be increased from 1 March 2015 from 40 to 43 hours per week, planned for a period of 12 months. In parallel, the number of temporary employees will be reduced.

Further measures to ensure competitiveness and secure as many suitable jobs in Switzerland as possible are also being carefully considered.

Urs Kaufmann, CEO of HUBER+SUHNER, said: “I would like to sincerely thank our employee representatives for the constructive discussions and their backing for these necessary measures. I would also like to thank all our employees in Switzerland for their valuable support. They make an important contribution to keep HUBER+SUHNER on track in 2015.”

Medienkontakt:
Karin Freyenmuth Corporate Communication HUBER+SUHNER AG +41 44 952 2560 karin.freyenmuth@hubersuhner.com

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