Swedish industrial equipment manufacturer Atlas Copco has announced cutbacks expected to affect 3,000 workers worldwide.
The company reported increased revenues for the fourth quarter on Monday but also noted that the global financial downturn had led to a shorp drop in order intake.
Atlas Copco said revenues increased 12 percent in the fourth quarter to 19.731 billion kronor ($2.36 billion), while operating profit reached 3.288 billion kronor.
“Overall, we are pleased with our financial performance during the quarter, and we have acted quickly and decisively in adapting to the rapid and substantial decline in demand, particularly within the mining industry,” said President and CEO Gunnar Brock in a statement.
The company cut its worforce by 1,350 during the quarter, with further redundancies imminent.
“The current economic situation makes the outlook very uncertain but demand is expected to remain very weak in most industries and regions in the near term,” said Brock.