Sandvik Coromant Serves Notice to 250 Persons in Gimo, Sweden.Business Editors SANDVIKEN, Sweden--(BUSINESS WIRE)--Dec. 11, 2001 Sandvik Coromant has decided to initiate negotiations with the local organization of the Swedish Metalworkers' Union The Swedish Metalworkers' Union (Metall) was a trade union in Sweden. It was formed in 1888 and had a membership of 379,000. In January, 2006 the Swedish Metalworkers' Union merged with the Swedish Industrial Union to form IF Metall. regarding a surplus of about 250 persons at the plants in Gimo. The notice period is six months. An increasing number of leading indicators Leading Indicator A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators are used to predict changes in the economy, but are not always accurate. suggest that the weak trend in the world economy could be lengthy. In response to this situation, a downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing of personnel is necessary as an adjustment of capacity and resources to lower demand. Sandviken, 11 December 2001 AB Sandvik Coromant For further information, contact Anders Thelin, President of Sandvik Tooling Business Area and of Sandvik Coromant, +46 26 26 10 26 and Kjell Soderhall, General Manager, AB Sandvik Coromant, Gimo Plants, +46 173 84 248. Sandvik is a high-technology engineering group with advanced products and world-leading positions in selected areas - tools for metalworking, machinery and tools for rock excavation, stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. , special alloys and resistance heating Resistance heating The generation of heat by electric conductors carrying current. The degree of heating for a given current is proportional to the electrical resistance of the conductor. materials and process systems. The Group has 35,000 employees in 130 countries, with annual sales of approximately SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 44 billion. Sandvik Coromant is a sector within the Sandvik Tooling Business Area and a world-leader in advanced cemented-carbide tools and tooling systems for metalworking. Sales amount to about SEK 9,600 M, with 7,800 employees. The plants in Gimo today have about 1,600 employees. |
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