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Over 1,000 may have to quit at Saab

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10:16 CET+01:00
The Saab defence group has reported a net operating profit of 1,657 million kronor in 2004 - up from 1,293 million kronor in 2003. Despite this the group expects to give notice to 1,000-1,500 of its 12,000-strong workforce within the next two years.

The cutbacks are a direct result of the plans to streamline the Swedish Armed Forces.

"We will have to raise exports instead," commented chief executive Åke Svensson. He added that "much of Saab's financial strength will be used for new international acquisitions".

Sources: Dagens Nyheter, Svenska Dagbladet, Dagens Industri

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