Kuehne Nagel Logistics to Cut up to 4,500 Jobs Worldwide

March 3, 2009

But sales did grow 4% in 2008

As it seeks to trim costs amid the economic crisis, transport and logistics group Kuehne + Nagel on March 3 said it would slash up to 4,500 jobs worldwide. The group had a staff strength of 54,000 people at the end of 2008, but by late January, some 1,800 jobs had been eliminated.

Earlier, the Swiss-based firm reported that full-year net profit reached 585 million francs in 2008, up 9.1%, but warned of falling volumes this year amid the economic crisis.

"For the time being there are no indications that world economy will recover quickly. Therefore further volume reductions are expected in all business units. Kuehne + Nagel will counteract this with rigorous cost management and process efficiencies," said chairman Klaus-Michael Kuehne.

Sales grew 3.9% 21.6 billion francs in 2008. If the impact of currencies were not taken into account, the growth would be 9.7%. Thee Kuehne + Nagel Group delivered its best results in 2008 despite the economic downturn and a negative currency impact," said the Swiss-based group.

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