Swiss firm Tornos to hike working hours at Swiss sites
25/02/2015 18:03
ZURICH, Feb 25 (Reuters) - Swiss machine-tools manufacturer
Tornos TOHN.S will increase the number of hours employees work
at its Swiss sites to offset the impact of a strong currency, it
said on Wednesday.
Switzerland's central bank last month abandoned its cap on
the Swiss franc, unleashing a surge in the currency's value and
prompting firms to warn profits would plunge as their products
became more expensive for foreign customers. ID:nL6N0VD0W9
The 1.20-per-euro cap had protected the export-reliant
economy from the effects of a strong currency since 2011.
Tornos said in a statement it had agreed with employee
representatives to increase weekly working hours at its Swiss
sites to up to 43 hours from March 1. The company did not say
what working hours were previously.
"This measure will strengthen our productivity and
competitiveness," Tornos Chief Executive Michael Hauser said in
a statement. "Thus the negative impact from the discontinuation
of sustaining a minimum exchange rate will be contained."
Nestle NESN.VX said on Sunday it is looking into measures
to boost productivity in Switzerland, including increasing
working hours. ID:nL5N0VW0L6
(Reporting by Joshua Franklin and Alice Baghdjian; Editing by
Ruth Pitchford)
((zurich.slot@thomsonreuters.com;))
Keywords: TORNOS HOLDING EMPLOYMENT