Stockholm - Swedish engineering group Sandvik said Thursday it planned to cut 1,040 jobs and reduce production over weakened demand mainly in the automotive and engineering industries. The group has some 47,000 employees worldwide and operations in 130 countries.
Its core operations include tools for metal-working, machinery and equipment for rock excavation, as well as stainless and high-alloy steels and other metals.
In addition to laying off some 1,040 employees in Sweden, the group was to terminate short-term labour contracts impacting some 600 workers and planned to introduce shorter working weeks or close units for 2-3 weeks.
Chief executive Lars Pettersson said the "global market trend is currently very weak."
