Swedish engineering group Sandvik has given layoff notices to 429 staff in Sweden in its specialty steel unit, Materials Technology (SMT), it said in a statement on Tuesday.
“The reason behind the decision is based on the continued uncertainties in our global market environment caused by the covid-19 pandemic, which forces us to adjust to lower volumes and to better position our company for the future,” SMT head Goran Bjorkman said.
“We are expecting to see a weak market situation going forward and need to act in time to protect our business”.
Sandvik, which also makes metal-cutting tools and mining gear, said in connection with its first-quarter earnings report in April it had initiated cost saving measures across the company due to the pandemic.
(By Johannes Hellstrom; Editing by Simon Johnson)
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