India | UK | US

Engineering group Sandvik to cut over 1,000 jobs

Posted : Thu, 20 Nov 2008 10:30:34 GMT
By : DPA
Category : Business
News Alerts by Email ( click here )
Business News | Home
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."

Copyright DPA

Share/Save/Bookmark

Article : Engineering group Sandvik to cut over 1,000 jobs
Print this article
Email this article

Stay Updated
News gadget on your Google homepage
Subscribe to a news feed in Google Reader


Related News

Thai shares climb 2.8 per cent on protest cancellation
Bangkok - Thai shares rose 2.86 per cent Wednesday as investors bid up prices following the announcement that potentially violent weekend protest rallies had been postponed, brokers said. The Stock Exchange of Thailand index ended at 695.58, up 19.3 ...

Turkey, media group fail to settle tax dispute
Istanbul - Talks between Turkish officials and Dogan Yayin, Turkey's largest media group, have failed to yield a settlement over a 4.8 billion lira (3.2 billion dollar) tax fine, the group announced Wednesday. There has been no settlement reached by...

Banks continue to hide huge losses, warns IMF head
Paris - Banks are continuing to hide huge losses from investors, imperiling the economic recovery, the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, was quoted Wednesday as saying. Large losses remain concealed - 50 per cent...

German consumers cautiously optimistic ahead of Christmas trading
Berlin - Consumers in Europe's largest economy maintained a stable outlook in the run up to the key Christmas trading period, economic survey institute GfK reported Wednesday. While fears of rising unemployment in 2010 dampened the overall consumer c...

Tokyo stocks up on bargain buys - Summary
Tokyo - Tokyo stocks inched up Wednesday after a day of choppy trading as investors snapped up bargains following the previous day's losses. The benchmark Nikkei 225 Stock Average gained 40.06 points, or 0.43per cent, to close at 9,441.64, after slum...

Tokyo stocks mixed in morning trading
Tokyo - Tokyo stocks put in a mixed performance in Wednesday morning trading, with worries about the strong yen and government economic policy keeping the market relatively flat. The benchmark Nikkei 225 Stock Average gained 3.60 points, or 0.04 per ...

Jordan, Turkey open final round of talks for free trade accord
Amman - Jordan and Turkey on Tuesday held the seventh and final round of negotiations for liberalizing trade between the two countries, a senior official said. A free trade agreement is now expected to be signed when Turkish Prime Minister Recept Tay...

Have your Say
Name
Email
Subject
Your Comment

Enter Verification code
 
  

 

 

More Business News click here
Follow The Earth Times
Subscribe to RSS Follow Earth Times on TwitterNews by email
Share/Save/Bookmark

 
 



 
Subscribe to free Earthtimes
News Alerts by Email Click here
For RSS Feeds Click here
or Create your own RSS

Add to Google Toolbar
Breaking News
Press Releases

 


The Earth Times
News Category

© 2009 www.earthtimes.org, The Earth Times, All Rights Reserved | Privacy Policy
Earth Times accept no responsibility or liability either directly or indirectly for views or opinions expressed in articles or comments.