HNA's SR Technics plans job cuts in Zurich

ZURICH (Reuters) - SR Technics could cut a net 200 jobs in Zurich as part of a business review, the Swiss aviation support company that is part of China's HNA Group Co Ltd said on Monday.

It said it could reduce its workforce in aircraft services by as many as 300 positions while adding more than 100 jobs in engine services.

"As a result, its actual 1,500-strong workforce at Zurich Airport could potentially be reduced to about 1,300 employees over a period of two years," it said on its website.

It cited the expense of doing business in Switzerland and its need to remain competitive for jobs review, for which it launched staff consultations on Monday.

HNA Aviation acquired an 80 percent stake in SR Technics in 2016, while Mubadala Development Co owns the rest, according to the SR Technics website.

HNA Group, the heavily indebted aviation-to-financials conglomerate, is shedding assets amid a cash crunch.

Last month, it called off its listing of Swiss-based airline caterer Gategroup at the 11th hour. It plans to float its Swissport ground services and cargo handling business later this year.

(Reporting by Michael Shields. Editing by Jane Merriman)

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