LINKOPING, Sweden, Feb. 12, 2003 (PRIMEZONE) -- After the decision of the board of directors of Saab Bofors Underwater Systems AB, the company today notified the County Labour Board of a lay-off affecting 100 persons, of which 50 are workers and 50 are salaried employees. Negotiations with union organizations will be initiated immediately.
The decision is based on surplus capacity and weakened profitability. The company is also facing a changed market situation, with operations now focused more on providing high-tech service with capacity to handle smaller series production and demonstrators.
"The decline in new orders will affect the company when the current orders for heavy torpedoes are completed, which is why this lay-off is necessary. It is an unfortunate situation, of course," explained Mikael Grodzinsky, president of Saab Bofors Underwater Systems AB.
"We are doing our best at the company to alleviate the circumstances for the employees affected by the lay-off," concluded Mikael Grodzinsky.
Saab is one of the world's leading high-technology companies, with its main operations focusing on defence, aviation and space. The Group covers a broad spectrum of competence and capability in systems integration.
For further information, please contact:
Mikael Grodzinsky, President Saab Bofors Underwater Systems AB Tel.: +46 (0)141-22 45 10, +46 (0)73-668 2600 Katarina Tolgfors, Director Communications & Public Affairs Saab Bofors Dynamics AB Tel.: +46 (0)586-811 57, +46 (0)73-668 11 57 www.saab.se This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/02/12/20030212BIT00260/wkr0001.doc www.waymaker.net/bitonline/2003/02/12/20030212BIT00260/wkr0002.pdf