[news] Atlas Copco lays off 163 employees

Posted by Cas at 10:54 PM on Sep 3, 2013

Share:


Atlas Copco is the largest air compressor manufacturer in the world. But besides air compressors, they prodcue many other products, like mining equipment! Unfortunately for Atlas Copco, this isn’t a great year for the mining business…

 

Mining equipment maker Atlas Copco (STO:ATCO-B) said today 163 employees in Örebro, Sweden will be let go “. . . due to to continued weak global demand for mining equipment.”

The company said that it informed the workers today. The laid off staff are made up of 110 blue-collar workers and 53 white-collar workers.

The Örebro plant, which employs 1,700 people, manufactures equipment used in mines and quarries as well as for construction.

Atlas Copco’s stock is up 3.86% for the year to date and is trading at to SEK164.60 (US$24.89). The 52-week range is SEK128.30 to SEK170.10.

Exploration has been hammered due to the commodity slump. In June, Intierra reported a 29% drop in drilling activity.

Atlas Copco, which is based in Stockholm, Sweden, makes compressors, expanders and air treatment systems, construction and mining equipment, power tools and assembly systems.

 

Source: http://www.mining.com/atlas-copco-lays-off-163-employees-40396/