Swiss engineering group (ABB) is to cut over 10,000 jobs as part of a restructuring programme, its chief executive said today.
Mr Juergen Dormann said job cuts would number "in the double digit of tens of thousands" but did not give a figure.
The group had net debts of $5.5 billion at end-September and repeated its goal of cutting that to below $2.6 billion by the end of this year. Total debts stood at $9.3 billion at end-September, down from $9.8 billion at end 2001.
The group narrowly escaped a fresh cash crisis at the start of the week with the European Union approval of the $2.3 billion sale of finance and leasing activities to GE Commercial Finance.
In March and April this year, banks came to its rescue and shored up finances. ABB bonds are still rated junk by Moody's and at the lowest investment grade by Standard & Poor's. Further debt cuts could prompt re-ratings over next year.