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Swedish engineering firm Sandvik AB (STO:SAND) announced today that 365 employees will lose their jobs as a result of company restructuring.
The firm said the cuts resulted from a policy implemented in September at its Materials Technology division whose main objective is to “sustainably reduce the overall cost structure by approximately 500 MSEK over a two to three year period, through such measures as reducing costs for staff and administration…”
The layoffs will affect 500 Sandvik employees worldwide including 365 in Sandviken and Hallstahammar, Sweden.
Meanwhile Sandvik reported a generally profitable third quarter with increased orders and sales.
Orders rose by 21% compared to the same period in 2010 while sales increased by 22%.
Major mining equipment orders included a materials handling system for South America valued at 300 MSEK, and an order for a new quarry plant in Australia costing close to 500 MSEK. The company said demand for cutting tools remains high, particularly in North America and Europe, but it noticed a levelling off in China’s automotive industry.
Read the full news release here
Comments
Axis
HI,
Its big news guys that Sandvik axes 365 jobs in Sweden but adds to order book. Thanks for sharing this information.