Swiss textile heavyweight Rieter plans further job cuts

Textile machinery manufacturer Rieter is to cut more than 10% of its workforce in Switzerland. This latest restructuring is the latest in a long series for the Zurich-based group, which saw its revenues fall by almost half in the first half of 2024. Rieter is continuing to reduce its workforce, according to a statement issued by the Swiss Employees Union on Friday. The group based in Winterthur, in the canton of Zurich, plans to shed 10% of its staff in Switzerland. "The measure affects 74 employees, 14 of whom have already resigned," a union spokesperson told the AWP news agency, adding that the consultation process with employee representatives had begun. + Get the most important news from Switzerland in your inbox The textile machinery manufacturer has already gone through several phases of layoffs and restructuring over the past five years. In the first half of the year, 13% of jobs had already been cut. The union "expects Rieter's management to assume its social ...