Lufthansa Technik Switzerland (LTSW) will undergo extensive restructuring and reduce its workforce from 304 to 82, LHT in Hamburg said.
"The job cuts associated with the restructuring decision are extremely painful for us," said CEO Rainer Lindau in a statement. "But only a rigorous focus on one core product will create conditions that ensure the continued existence of LTSW in Basel (BSL)."
According to LTSW, the labor-intensive technical maintenance of VIP aircraft and the component services and engine services business will all be discontinued. The demand for maintenance of regional aircraft and their engines has declined dramatically, and the company was unable to compensate for these disproportionate losses in capacity utilization through its VIP and executive jets maintenance business. In addition, the exchange rate development of the Swiss franc and the very difficult market situation would necessitate extensive restructuring measures, LTSW said.
According to LTSW, the existing underutilization of capacity means the majority of job cuts will happen before the end of the month. In the future, the company said it will concentrate exclusively on line maintenance, light base maintenance and logistics services at BSL.
Article Source : ATW Daily News
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