Swiss construction firm Implenia to shrink workforce by 2,000 by 2023

ZURICH: Swiss construction and real estate firm Implenia plans to shrink its workforce by up to 2,000 full-time jobs by 2023, the group said on Tuesday, roughly 750 of which would be through lay-offs.

"As a consequence of the sharpened and accelerated strategy execution with focus on core solid margin businesses, Implenia must take unavoidable and painful measures," the Swiss firm said in a statement, which also highlighted the impact of COVID-19 on its performance. "The group will restructure its market presence and therefore plans to reduce its workforce significantly."

It said it expected to report a loss of around 70 million Swiss francs ($77.18 million) before interest, tax, depreciation and amortisation for 2020, 50 million francs of which is due to the impact of COVID-19.

Of the up to 2,000 full-time equivalent roles expected to be impacted by its restructuring, it said roughly 1,250 were planned to be transferred to new ownership, without providing details.