``Sulzer Industries will focus strategically on the oil, gas and chemical industries and related markets, where strong growth is planned above all in the service business,'' it said.

It said concrete measures would be decided in September after consultations with employee representatives and social partners.

``The associated non-recurring costs of about 250 million Swiss francs are expected to result in annual savings of more than 100 million Swiss francs,'' it said in a statement.

Sulzer said there was adequate financing available to finance the planned growth, which mainly concerned the segments Sulzer Roteq, Sulzer Metco and Sulzer Chemtech.

``Apart from ongoing business with new plants, above all the service activities will be expanded, where SulzerIndustries has a promising basis for profitable expansion. Sulzer Infra is well positioned in the market and successful.

The acquisition of the Nuovo Pignone weaving machinery business has significantly improved the market position of Sulzer Textil. In both groups, further growth can be achieved with their own means. For Sulzer Hydro, external options are being evaluated,'' the company said.