Swedish engineering group Sandvik will soon lay off more than 2000 jobs after it reported quarterly operating earnings below market expectations in the last quarter.
Sandvik is an engineering group in tooling, materials technology, mining and construction.
In response to its performance as shown in the report, the company will also institute different measures to buttress profitability in the face of early signs of slowing market demand.
Sandvik had seen weaker demand in its parts of its business, primarily from customers in the automotive and general engineering sectors.
Sandvik CEO Bjorn Rosengren said in a statement that the firm will take further action in all business areas to deliver strong margins in the long-term.