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| Skanska cuts 3,400 jobs Skanska, the Nordic region's biggest construction group, said Tuesday it plans to reduce its workforce by 3,400 persons in the Nordic region, out of a total of 20,500 employees in the Nordic region and 60,000 in the group. In Skanska's Nine Month Report for 2008, the Group announced that several construction and residential development markets are weakening. A review of the current order backlog and anticipated order bookings has indicated a volume decline of about 15 percent in the Nordic region in 2009. The main reason is the extremely sharp decline in the residential markets, but a weakening of other building segments is also anticipated. The volume decline for Skanska in other geographic markets is expected to be significantly lower. The cost of implementing these personnel reductions is estimated at approximately SEK 600 M. This expense will be charged to Skanska's earnings for the fourth quarter of 2008. The measures that have now been decided will be successively implemented during 2009. The personnel cutbacks are divided between the Nordic countries as follows: Sweden 2,000 persons; Finland 600 persons and Norway 800 persons. Skanska has no construction operations in Denmark. write your comments about the article :: © 2008 Construction News :: home page |