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NCC to lay off staff in Stockholm.

NORDIC BUSINESS REPORT-13 June 2003-NCC to lay off staff in Stockholm(C)1994-2003 M2 COMMUNICATIONS LTD

The Swedish construction group NCC said on Friday (13 June) that its subsidiary NCC Construction Sweden would reduce the number of employees in Stockholm by 195.

"Due to the downturn in the Stockholm office and housing market, NCC Construction Sweden is serving employment-termination notices to 150 craftsmen and 45 salaried employees," NCC said.

Olle Warvik, head of the Building Stockholm/Malardalen region, commented: "The office market in Stockholm, in particular, is extremely weak, but now the initiation of proprietary housing projects is also being deferred due to reduced demand. The requests we are receiving regarding assignments are declining in number and are for smaller projects. We have assessed that the recession in the constructions sector in the Stockholm area will not bottom out until 2004 at the earliest."

NCC's building and housing construction operations in the Stockholm region have some 1,100 employees.

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Publication:Nordic Business Report
Article Type:Brief Article
Geographic Code:4EUSW
Date:Jun 13, 2003
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