ZURICH (Reuters) - Swiss dental implant maker Straumann said it will take a hard look at costs after a surprise move by the Swiss National Bank to scrap its three-year-old cap against the euro sent the franc soaring.

The Basel-based firm makes about 40 percent of its sales in euros and was trading down 20 percent at 221.30 francs by 1424 GMT, making it one of the hardest hit Swiss companies.

"It goes without saying that we are watching the situation carefully and will take adequate corresponding measures," a spokesman said in an emailed statement, adding Straumann had diversified away from Europe as well as significantly cut costs in recent years.

"The further weakening of the Euro endorses these strategies and means that we will have to look even harder at tightening our cost base - which we will do," the spokesman added.

Straumann said a 10 percent appreciation in the franc against the euro would knock around 25 million Swiss francs ($24.47 million) off its topline and 15 million of its earnings before interest and taxes.

(Reporting by Caroline Copley)