Switzerland's Lonza axes 500 jobs to cut costs
By Caroline Copley
ZURICH | Wed Oct 31, 2012 9:55am GMT
(Reuters) - Swiss drugs industry supplier Lonza plans to cut 500 jobs, including 400 at its main plant in southern Switzerland, as it grapples with low-cost competition, a strong Swiss franc and higher raw material prices.
The cuts at the Basel-based firm, which makes pharmaceutical ingredients for drugmakers such as GlaxoSmithKline and Abbott, equate to around 5 percent of its global workforce of about 11,000.