Liquid packaging solutions provider Sidel is planning to cut down workforce by 10% across its global business, as part of its restructuring plan to reduce costs.
The company also plans to move its headquarters from Zug, Switzerland, to Parma, Italy, which is said to be its center of excellence for complete lines and filling.
The transfer of the headquarters will take place in 2016.
Sidel CEO Mart Tiismann said: "These planned changes are part of our long-term strategy to focus on delivering the world’s best PET complete line solutions and equipment.
"We want to ensure that we will continue to provide our customers with the very best support to help them succeed, in a highly competitive market, today and in the future."
Sidel intends to invest the cost savings in developing improved solutions, as well as providing customers with faster access to its global PET expertise.
The new streamlined structure will allow Sidel to operate more quickly, in a simpler and more customer-focused way.
"We recognise that these changes will have an impact on our people and we are committed to ensuring that any possible transitions are managed effectively and sensitively, and that we support our employees throughout this period," Tiismann added.