Austrian Strabag plans to cut 10% of staff in Czech Republic.

By bne IntelliNews January 19, 2011
Austrian construction company Strabag plans to reduce the number of its employees in the Czech Republic by at least 10%, as it seeks to cut costs and improve performance, Strabag representative Jaroslav Katzer told E15 daily. Falling orders and expected decline in the local construction sector are the reasons for the dismissals. Katzer said that between 10% and 15% of the 2,500 Strabag employees will be laid off. Strabags main competitors on the local market - Skanska, Hochtief and Metrostav, have already reduced their staff. Strabags Czech unit reported a net profit of CZK 516.4mn in 2009 on CZK 17.9bn revenues. The companys 2010 financials will be released in February.
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