Swedish engineering group Sandvik is planning to shut its glassworks in Hovmantorp, southern Sweden, as part of its cost-cutting programme, the company said on 18 May 2004.
One hundred and forty empl…
Swedish engineering group Sandvik is planning to shut its glassworks in Hovmantorp, southern Sweden, as part of its cost-cutting programme, the company said on 18 May 2004. One hundred and forty employees at the plant will be laid off, although about 70 of them will be offered jobs in Sandvik“s glassmaking subsidiary, Orrefors Kosta Boda, which posted a loss of SEK 52 million (USD 6.8 million/EUR 5.7 million) in 2003. Under the programme, Sandvik plans to concentrate glass production at its plants in Orrefors, Kosta and Afors. Established in 1862, Sandvik is a high-technology engineering group, which comprises the Sandvik Tooling, Sandvik Mining and Construction and Sandvik Materials Technology divisions. Sandvik employs 37,000 in 130 countries. It posted a net profit of SEK 2.788 billion (USD 364 million/EUR 304 million) for 2003.