Engineering group Atlas Copco to cut 10 per cent of workforce
Stockholm - Swedish engineering group said Monday it planned to cut some 10 per cent of its global workforce of 34,000 employees.
The group's announcement of the cuts of 3,000 positions, including some 900 in Sweden, was made in connection with the presentation of fourth quarter and full-year 2008 results.
Fourth-quarter pre-tax profit increased 64 per cent to 3.5 billion kronor (418 million dollars) on sales of 19.7 billion kronor, up 12 per cent year-on-year.
However, order intake dropped 19 per cent in the fourth quarter, and the group said in its outlook that "demand is expected to remain very weak in most industries and regions."
During the fourth quarter, the group announced cuts of some 1,300 jobs.
Atlas Copco makes compressed air and gas equipment, generators, construction and mining equipment, industrial tools and assembly systems. (dpa)
