The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Basic Metal And Fabricated Metal Products Manufacture Of Basic Metals 24.3 - Manufacture of other products of first processing of steel
900 jobs Number of planned job losses
Announcement Date
20 November 2008
Employment effect (start)
20 November 2008
Foreseen end date
30 June 2009
Description
Sandvik Materials Technology, a producer of stainless steels will reduce its workforce by 900 at its unit in Sandviken in Sweden. This is due to declining demands and the current financial situation. In total, the Materials Technology company is making about 1,500 employees redundant globally, and about 1,000 jobs in Sweden are at risk. CEO Lars Pettersson states that the workforce reduction is necessary to secure the company in the future.
Sandvik Materials Technology is a producer of stainless steels, special alloy materials and advanced value-added products. Sandvik Materials Technology operates all over the world and consists of six product areas:
Tube, Strip, Wire, Kanthal, Process Systems and Sandvik MedTech.
Sources
21 November 2008: Dagens Industri
21 November 2008: Svenska Dagbladet
Citation
Eurofound (2008), Sandvik Materials Technology, Internal restructuring in Sweden, factsheet number 67477, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/67477.
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