Sweden's Sandvik to cut 2 000 jobs as demand turns weaker
STOCKHOLM – Swedish engineering group Sandvik reported quarterly operating earnings below market expectations on Wednesday and said it would cut around 2 000 jobs to buttress profitability in the face of early signs of slowing market demand.
Sandvik said it had seen weaker demand in its parts of its business, primarily from customers in the automotive and general engineering sectors, towards the end of the second quarter.
"We will take further action in all business areas to deliver strong margins long-term," Sandvik CEO Bjorn Rosengren said in a statement. "These activities will be promptly implemented and include a personnel reduction of approximately 2 000."
Operating earnings at the maker of metal-cutting tools and mining gear maker edged up to 5.08-billion Swedish crowns ($542-million) from 5.04 billion in the year-ago quarter, but came in below the 5.18-billion mean forecast in a poll of analysts based on Refinitiv data.
Sandvik said the results had also been boosted to the tune of 110-million crowns due to an adjustment of the purchase price of a previously announced sale of one of its smaller businesses.
The company's order bookings fell 5% on a like-for-like basis, compared with the 6% growth reported for the first quarter of the year.
Sandvik shares were down 3.4% following the results.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...
VISIT SHOWROOM
For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
