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Sandvik take cost cutting measures
publication date: Dec 9, 2008
In conjunction with the presentation of third-quarter earnings, Sandvik provided information concerning a weaker trend in several market segments. The negative trend has accelerated during the beginning of the fourth quarter. Consequently, the Group has decided to implement a number of measures. The objective is to adapt production capacity and costs to the prevailing demand trend.
For Sandvik Materials Technology, a global overcapacity corresponding to 1500 persons has been identified, of whom about 1000 persons in Sweden. Accordingly, the company today gave notice of a personnel reduction totaling 900 employees in Sandviken and 140 in Hallstahammar.
In conjunction with the interim report for the second quarter of 2008, Sandvik announced a reduction in the workforce with the aim of raising productivity. Within the framework of this cutback, staff levels have since been reduced by about 380 employees. The surplus capacity of 1500 persons that has now been identified is due to weaker demand and constitutes an adaptation of capacity, which is in addition to these 380 persons. The process is expected to be completed during the first six months of 2009.
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