Private equity firm Candover Investments has announced its purchase of Sweden’s Thule AB for nearly 600 million dollars.
The Malmö-based Thule manufactures and markets rooftop boxes and roof rails for cars, bike carriers, trailers and snow chains.
Papermaker and forest products company Svenska Cellulosa says it will cut 12.6 percent of its workforce in an effort to cut costs amid increased competition and declining demand.
Around 12 hundred jobs will be lost. The announcement sent shares tumbling 4.2 percent on the Stockholm exchange.