Epiroc gives notice to 425 staff as covid-19 hits demand
Swedish mining gear maker Epiroc said on Tuesday it was giving notice of job termination to 425 staff as it is facing a significant demand drop due to the covid-19 pandemic.
Epiroc, which is a rival to Sandvik and has warned of a big hit to second quarter sales and profits, said demand was weaker from both mining and infrastructure companies.
“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,” Epiroc CEO Helena Hedblom said in a statement.
The company, one of the world’s top suppliers of mining equipment such as drill rigs, has about 3,100 staff in Sweden, and a global workforce of around 14,000.
(By Johannes Hellstrom; Editing by Simon Johnson)