Sandvik Restructures Wire And Strip Operations, Cuts 100 Jobs
18 January 2012 - 8:24PM
Dow Jones News
Swedish engineering company Sandvik AB (SAND.SK) Wednesday said
it will stop production at its wire and resistance strip operations
in the Swedish town Hallstahammar over the next 18 months, reducing
its workforce there by 100 people.
The company said the measures are part of a program announced by
its Materials Technology unit in September, 2011 to restructure its
wire-and strip operations.
Sandvik said the company aims to phase out wire products that
aren't sufficiently profitable or don't form part of the core
business. It added that some of its wire production will be
transferred to the Swedish town Sandviken and to plants in India
and China from Hallstahammar.
At 0838 GMT shares traded 1.3% lower at SEK94.75.
-By Katarina Gustafsson, Dow Jones Newswires +46-8-5451-3097;
katarina.gustafsson@dowjones.com
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