SGS was founded in 1878 to help standardise the trade of goods around the world. Keystone / Salvatore Di Nolfi
The world’s largest goods inspection and testing group SGS will shed 1,500 jobs worldwide in a cost saving drive.
The Geneva-based company said on Wednesday that inflation and the Ukraine war are having a negative effect on its business.
“The consequences of the war in Ukraine have had a broader effect on our business mix and volumes in certain European end markets, impacting margins,” SGS stated.
The group has therefore resolved to bring in measures to save CHF50 million ($53 million) annual costs from 2023. These include slashing posts and relocating some of its operations to different parts of the world.
SGS employs some 96,000 staff in more than 2,700 offices and laboratories worldwide.
Its business is to inspect goods shipments for quantity, weight and quality and test whether they meet health and safety standards.
The company was founded in 1878 in France to standardise goods, shipments and related documents in global trade.
SGS moved its headquarters from Paris to neutral Switzerland in 1915, during World War I.
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