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 BSEK 74 (BEUR 7.7).
