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SR Technics to cut jobs at Zurich airport

SR Technics

SR Technics has already shed more than 500 jobs in 2016 citing high staff costs (Keystone) - Click to enlarge

Aviation support company SR Technics has announced plans to cut a net 200 jobs at Switzerland’s main airport as part of a business review.

The company, which is part of China’s HNA group, announced that it could reduce its workforce in aircraft services by as many as 300 positions while adding more than 100 jobs in engine services.

“As a result, its actual 1,500-strong workforce at Zurich Airport could potentially be reduced to about 1,300 employees over a period of two years,” it said on Monday.

It cited the expense of doing business in Switzerland and its need to remain competitive for jobs review, for which it has launched staff consultations.

SR Technicsexternal link, a former subsidiary of defunct national airline Swissair, has changed hands at least three times since 2002.

HNA Aviation acquired an 80% stake in SR Technics in 2016, while Mubadala Development owns the rest, according to the SR Technics website.

HNA Group, the heavily indebted aviation-to-financials conglomerate, is shedding assets amid a cash crunch.

Last month, it called off its listing of Swiss-based airline caterer Gategroup at the 11th hour. It plans to float its Swissport ground services and cargo handling business later this year.

Full story here
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