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Sandvik Tooling to Lay Off 490 Employees in Sweden

04/06/2009 - Sandvik Tooling serves notice of termination of employment covering a total of 490 employees in Sweden.

Sandvik Tooling has served notice of termination of employment covering a total of 490 employees in Sweden. The notice applies to 120 employees in Sandviken, 350 employees in Gimo, and 20 employees in Stockholm.
 
The company said that the reduction in the workforce is a consequence of the continued weak demand.
 
“In the current market situation, we must adjust our costs and our workforce levels. It is important that the employees are notified as soon as possible, at the same time as the negotiations must be conducted with care and in an atmosphere of goodwill and mutual respect,” says Anders Thelin, President of the Sandvik Tooling business area.
 
Sandvik Tooling plans to commence local negotiations immediately with the personnel organizations affected by the notice, with the aim of implementing the personnel reductions as soon a possible.
 
Sandvik is a global industrial group with advanced products and world-leading positions in selected areas – tools for metal cutting, machinery and tools for rock excavation, stainless materials, special alloys, metallic and ceramic resistance materials as well as process systems. At the end of 2008, the Group had about 50,000 employees and representation in 130 countries, with annual sales of approximately SEK 93,000 M.
 
Sandvik Tooling, a business area within the Sandvik Group, is a market-leading manufacturer of tools and tooling systems for cutting operations as well as of blanks and components. Annual sales 2008 were about SEK 26,000 M with 17,000 employees. Approximately 4% of the turnover is invested in R&D. Products are manufactured in cemented carbide, high-speed steel and other hard materials such as diamond, cubic boron nitride and special ceramics.