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 For Transport Equipment Manufacture Of Other Transport Equipment 30 - Manufacture of other transport equipment
1,000 - 1,500 jobs Number of planned job losses
Announcement Date
17 February 2005
Employment effect (start)
17 February 2005
Foreseen end date
31 December 2006
Description
The Swedish defence and aerospace company Saab plans to lay off 1,000 to 1,500 workers through 2005 and 2006, because of shrinking Swedish budgets and defence orders from the government. Sweden, whose policy is armed neutrality, has decided to cut its annual defence budget by 3 billion kronor ($431,3 million), by 2007. ‘The armed forces are again reassessing materiel plans, and while we anticipate some new developments to arise, the orders for the Swedish defence industry are probably very limited', Saab's president and chief executive Åke Svensson said. Last year, Saab laid off 350 workers because of a drop in Swedish military orders. The company currently employs 11,936 workers.
Sources
17 February 2005: Press release by Saab
17 February 2005: Svenska Dagbladet
Citation
Eurofound (2005), Saab, Internal restructuring in Sweden, factsheet number 61168, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61168.
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