Aggregates equipment manufacturer Epiroc is laying off 425 employees in response to lower demand as a result of the Covid-19 coronavirus pandemic.
Epiroc’s CEO Helena Hedblom says: “We are taking these actions to adapt to the new market situation following the Covid-19 pandemic and to make us stronger and more resilient for the future.
“Unfortunately we must take such a drastic action as giving notice of termination.
“We regret the negative consequences this will have for our colleagues and those close to them, and we will support our employees in this difficult situation.
“These actions will allow us to continue to prioritise innovation and to develop our technology leadership in order to support our customers’ operations and improve their productivity.”
The company says the decision is also part of a continuous effort to become as efficient as possible, and follows various measures taken worldwide since 2019.
Epiroc describes itself as manufacturer of sustainable drill rigs and rock excavation equipment for the global aggregates and mining sectors.
It operates in more than 150 countries.
Epiroc had revenues in 2019 of SEK 41 billion and has more than 14 000 employees.
Principal product development and manufacturing units are located in Sweden, the United States, Canada, Germany, China and India.