SAAB Armament Branch Lays Off 370
Swedish arms manufacturer Bofors Dynamics has announced it is laying off 370 employees. A spokesman for SAAB’s branch company said the job cuts were caused by the government’s changed policy regarding military equipment for the country’s armed forces. He said that more layoffs might become necessary.
The Swedish defense ministry had recently announced that in order to modernize the military it planned to purchase ready-made packages on the open market instead of spending money on development projects.