Family-run crystalware and costume jewellery manufacturer Swarovski will cut some 280 jobs at its site in Wattens in the Austrian province of Tyrol, the company said on 8 May 2008.
Swarovski blames t…
Family-run crystalware and costume jewellery manufacturer Swarovski will cut some 280 jobs at its site in Wattens in the Austrian province of Tyrol, the company said on 8 May 2008. Swarovski blames the move on tough market conditions. The company will try to avoid redundancies by opening positions at its optical making subsidiary in Absam or at the abrasive product unit Tyrolit. It also hopes to achieve workforce reductions through natural wastage. In addition, the management announced plans for strategic investments of around EUR 120 million (USD 184.1 million) in Wattens, which will aim at strengthening the market leadership of the company in the crystal business. Due to the development of its own retail activities and its policy of innovation, Swarovski projects record-high sales of over EUR 2.0 billion (USD 3.068 billion) in its crystal business in 2008.