Business Services Industry
Karolin Machine Tool AB to cut 80 jobs within business area KMT Precision Grinding
Nordic Business Report, May 25, 2007
NORDIC BUSINESS REPORT-25 May 2007-Karolin Machine Tool AB to cut 80 jobs within business area KMT Precision Grinding(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Swedish production machinery manufacturer Karolin Machine Tool AB (KMT) said on Friday (25 May) that its business area KMT Precision Grinding has begun employee negotiations regarding job cuts.
The business area has seen a 25% fall in new orders, and has seen profits plummet by 76%. In order to adjust its operations to the lower activity level KMT Precision Grinding will cut a total of 80 jobs at the subsidiaries KMT Lidkoping and KMT UVA. KMT Precision Grinding currently has 380 employees.
KMT, headquartered in Stockholm, Sweden, develops and manufactures production machinery for the engineering industries. The company has some 825 employees and reported revenues of SEK1,586m in 2006. KMT is listed on the Nordic Exchange in Stockholm.
One British pound (GBP) is worth approximately 13.40 Swedish kronor (SEK).
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