Swedish manufacturer Atlas Copco to cut thousands of jobs

Special Report:Global Financial Crisis

STOCKHOLM, Feb. 2 (Chinese media) -- The Swedish industrial equipment manufacturer

Atlas Copco announced Monday that it would cut thousands of workers worldwide in

the aftermath of the international financial crisis.

"The current economic situation makes the outlook very uncertain but demand

is expected to remain very weak in most industries and regions in the near

term," said President and CEO Gunnar Brock in a statement, adding that it will

affect 3,000 workers worldwide, including 900 in Sweden.

However, the statement pointed out that the company's revenues increased 12

percent in the fourth quarter to 19.7 billion kronor (2.3 billion U.S. dollars),

while net profit more than doubled to 2.92 billion kronor (about 340 million

U.S. dollars).

"Overall, we are pleased with our financial performance during the quarter,

and we have acted quickly and decisively in adapting to the rapid and

substantial decline in demand, particularly within the mining industry," Brock

said in the statement.

The company, which makes air compressors, industrial power tools as well as

construction and mining equipment, has cut its workforce by 1,350 during the

quarter. It has 34,000 employees in about 20 countries.