July 17, 2009

Atlas Copco AB reported sales decreased 14% in its latest interim report, with an organic sales decline of 27%. Organic order intake was down 37%; the company reported low demand for equipment, but said that order cancellations have stopped.

"Aftermarket products and services have held up well," according to the report.

The Swedish manufacturer says that demand is expected to stay weak in most industries and regions, right around the current level.

During the quarter, employee headcount reduction continued, with an additional 1,600 employees shed.

Atlas Copco produces compressed air and gas equipment, generators, construction and mining equipment, industrial tools and assembly systems, and related aftermarket and rental. In 2008, Atlas Copco had 34,000 employees and revenues of …

Swedish manufacturer Seco Tools reported revenue for the six months ended June 30, 2009, was down 34% at fixed exchange rates. In the latest quarter, sales fell 40%.

The company reported that weak demand persisted in all of Seco Tools’ markets; but it said that the dramatic drop in demand appears to have passed, and sales leveled off at a low level during the quarter.

The company also reported continued inventory reduction by end-users and distributor, which it expects will continue through the …