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The Implenia construction group intends to focus on its profitable core business in the future, with a focus on integrated construction and real estate services in Switzerland and Germany. Therefore, the group must “take inevitable and painful measures”, as announced on Tuesday by Implenia. The restructuring is expected to affect 200 full-time positions by 2023. This resulted in a total of 750 layoffs, including around 250 in Switzerland.
Sale of parts of the company
With the sale of parts of the company, approximately 1,250 full-time positions were transferred to other owners. Implenia expects annual savings of over 50 million francs by 2023. The restructuring costs amount to around 60 million francs.
Implenia’s business was severely affected by the corona pandemic: individual construction sites in countries like France had to be closed for weeks. There were also restrictions on construction site operations in Switzerland, Germany and Austria. The group estimates the cost of the ongoing negative effects of COVID-19 in fiscal 2020 at around 50 million francs.
Adjustment worth 200 million francs
For the current year, Implenia expects a decline in operating profit of 70 million francs. The annual result is also burdened by an extraordinary value adjustment. The reason is a re-evaluation of all projects in terms of complaints and legal disputes.
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