Family-run crystalware & jewellery manufacturer Swarovski will cut around 280 jobs at its site in Wattens, Austria, the company announced 8 May 2008. Tough market conditions are blamed for the move. The company will try to avoid redundancies by opening positions at its optical making subsidiary in Absam or at the abrasive product unit Tyrolit. It also hopes to achieve workforce reductions through natural wastage. In addition, the management announced plans for strategic investments of around US$ 184.1M in Wattens, which will aim at strengthening the market leadership of the company in the crystal business. Due to the development of its own retail activities & its policy of innovation, Swarovski projects record-high sales of over US$ 3.068BN in its crystal business in 2008.
