Engineering Firm Announces Job Losses

More job losses were declared in Sweden on Tuesday with the engineering group Sandvik AB announcing that it was slashing 490 jobs here because of weak demand for its products.

The jobs will go at Sandvik tooling, a unit that makes tools for metal cutting.

Four months ago Sandvik laid off a little over a thousand of its workers in Sweden. The group employs 50 thousand people in 130 countries.

”In the current market situation, we must adjust our costs and our work force levels,” Sandvik Tooling chief Anders Thelin said.

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