Switzerland's Holcim to cut 3,300 jobs

Switzerland's Holcim, one of the world's largest cement groups, said on Thursday it will cut some 3,300 jobs, mostly in the United States, as it seeks to deal with the global economic crisis.

It would also halt work at one plant in the Philippines.

The company said on its website that "cash flow is the focus" and that "cost management and timely capacity adjustments are paramount" in the coming months.

Holcim planned to shut 67 plants in the United States, resulting in 2,000 job cuts, it said.

In Spain, 450 jobs will be cut and 24 units closed. Britain would lose 600 jobs and see 20 site closures, while job cuts in Thailand would reach 280.

The company said it was well "positioned to gain from the stimulus initiatives" put forward by various governments to kickstart economies that have been dragged down by the financial crisis.

Holcim estimated that such stimulus projects, many of which are focused on infrastructure, could be worth as much as $680 billion globally.

Source : Inquirer
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]