Alpiq is to cut jobs and costs in a major restructuring program aimed at turning round its poor financial results this year, the Swiss utility said November 4. The program, adopted by its board of directors, will "focus on its core business, simplify the organization and reduce costs and debt", the company said. "This also entails plans to reduce the workforce by 450 jobs, around half of which will be in Switzerland," Alpiq said. Alpiq aims to reduce operating costs by around CHF 100 million (€81 million) by the end of 2012, and reduce net debt by CHF 1.5-2 billion by the end of 2014, scaling back on investments, divesting assets and reducing shareholdings. Alpiq said the planned measures were in response to the current market environment, which has hit the company hard.
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