Panalpina to axe up to 1,600 jobs as profits fall

Roger Hailey - Friday 13 March 2009

PANALPINA, with 1.3m teu a year under its control, is predicting a 10% fall in sea freight volumes this year and is to axe up to 1,600 jobs worldwide in response to the global downturn, which it expects to continue into 2010.

The Swiss-headquartered logistics operator, gobal number three in air freight and number four in sea freight volumes, saw 2...