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Hamburg (archived)
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Posted October 21, 2008 at 11:30 GMT
#1856838
Mass firings at Danish companies
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21.10.2008
 
Sauer-Danfoss and Bang & Olufsen lay off hundreds of employees
 

The pump and motor manufacturer Sauer-Danfoss and high-end stereo and television manufacturer Bang & Olufsen announced mass layoffs Tuesday.

Sauer-Danfoss will fire 190 employees, the majority of them at its large Nordberg factory in southern Jutland. Henrik Krabsen, the firm’s CEO, said the workforce reduction was due to the ongoing market recession. The company currently employs 2700 workers in Denmark.

Bang & Olufsen's layoffs are part of a new company strategy following dismal first quarter results. Group turnover for the first quarter of the 2008/09 financial year totalled 757 million kroner, down from 926 million kroner last year.

In addition to the 165 laid off employees, the Struer-based company will refine its product focus by halting development of mobile phones and mp3 players. (kr)

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Craig (archived)
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Posted October 21, 2008 at 11:35 GMT
#1856839

Seems to be happening everywhere I think. Hopefully things will turn round sooner rather than later.

 

Craig🙂

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