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Sandvik Tooling continues to post solid gains in all markets.

Sandvik Tooling sees strongest gains in demand for the quarter.

Order intake volume at Swedish manufacturer Sandvik gradually declined in April and May to a level 40% to 50% lower than last year, due primarily to low demand across customer segments. As a result, the company has had to take extensive actions to offset the impact, including reducing staff by 6,000 since October.

In addition to the staff reductions, work hours will be reduced by 15% to 20% for about 12,000 to 14,000 workers beginning in June, and 10 production sites will be permanently closed.

"The current market situation is very weak, which has a substantial effect on a business like Sandvik’s. Implemented and approved actions will have a gradual effect, but the weak volume trend in the second quarter and probably also the third quarter will have a significantly negative effect …

Responding to weak global demand, Swedish manufacturer Sandvik Group announced efforts to reduce overcapacity and increase productivity at many of its facilities. The measures include lay-offs, termination of temporary contracts, and the closure of a production unit in Perth, Australia.
 
The global market trend is currently very weak. The decline described in conjunction with the report for the third quarter has deteriorated significantly in several segments, primarily relating to the automotive and engineering industries. Consequently, these measures have been deemed necessary, while we cannot rule out the need for additional measures at a later stage,”says Lars Pettersson, president and CEO of Sandvik AB.
 
For Sandvik Materials Technology, the company …