Saber Swiss Quality Paper plans to lay off 56 of its 113 employees due to continuing financial losses. The company announced on 16 August that severe austerity measures are necessary to save the paper mill. Soaring pulp prices, an insolvency of a major customer and the continuing strength of the Swiss Franc had led to financial difficulties.
Next to drastically reducing its staff, Saber plans to shut down its TM 5 and to focus on PM 3. Moreover, the salaries of the 57 remaining employees are to be cut by up to 10% for six months from January to June 2012.
