Swedish company sheds 1,000 jobs

The company says demand for its products and services is falling.

Swedish engineering firm Alfa Laval has said it is going to cut 1,000 jobs worldwide to save money.

The firm said that demand for its products and services was falling, particularly in Eastern Europe and Asia, because of the economic downturn.

The company, which employs about 12,000 people, said that 300 of the positions being cut were in Sweden.

Alfa Laval said the job cuts would save the company 400m Swedish crowns ($50m; £33m) annually.

The cuts are expected to be completed by June 2009, the firm said.

Alfa Laval said that customer orders had totalled 6.2bn Swedish crowns in the fourth quarter of 2008, down 6% compared with the same period in 2007.

Alfa Laval makes fluid-handling equipment, pumps and heat-transfer products and is one of a number of Swedish firms to have announced job losses recently.