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Sandvik Tooling announces layoff of 490 employees in Sweden

Today, Sandvik Tooling served notice of termination of employment covering a total of 490 employees in Sweden.

The notice applies to 120 employees in Sandviken, 350 employees in Gimo and 20 employees in Stockholm. The reduction in the workforce is a consequence of the continued weak demand.

Local negotiations with the personnel organizations affected will commence immediately with the aim of implementing the personnel reductions as soon a possible.

"In the current market situation, we must adjust our costs and our workforce levels. It is important that the employees are notified as soon as possible, at the same time as the negotiations must be conducted with care and in an atmosphere of goodwill and mutual respect," says Anders Thelin, President of the Sandvik Tooling business area.

Sandviken, 31 March 2009

Sandvik Aktiebolag (publ)

A press conference will be held today in Swedish at Sandvik Tooling's head office in Sandviken, Sweden, at 12:00 a.m. It is possible to participate in this press conference by telephone: +46 8 562 14 158.

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