Industry News

SFS rolls back currency impact measures 06 June 2016

SFS Group will reintroduce normal weekly working hours on 1st July 2016 as it continues to roll back measures that had been taken to offset the surge in the value of the Swiss franc.

Early in 2015 SFS introduced a series of measures to bolster its competitive position in response to the significant increase in the value of the Swiss franc. These measures gained traction as the year progressed and helped to mitigate the exchange rate induced reduction in the earnings of the Swiss operations.
For the medium term the main focus in Switzerland will be on developing and manufacturing innovation rich products that offer considerable value added so the Swiss operations can remain competitive in the future. SFS is committed to its current work force in Switzerland and shall continue to avoid any currency or workload related job cuts if at all possible.
SFS is also rescinding reductions in director and board remuneration, also introduced last year. Strict cost management and the hiring freeze will, where necessary and justifiable, remain in place for the indefinite future.
SFS will pay all employees in Switzerland a special CHF 1,000 bonus in thanks for their contribution.

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