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Saab to lay off defense personnel

SWEDISH aerospace and defense company Saab AB said yesterday that it will lay off 370 office staff at its Saab Bofors Dynamics unit in Sweden.

The company said that staff in the central Swedish cities of Karlskoga, Eskilstuna and Linkoping, as well as in southwestern Goteborg will be affected by the layoffs.

The redundancies will be implemented between 2009 and 2011 and are part of a long-term restructuring process, initiated as a result of declining orders from the Swedish armed forces, Saab said.

A restructuring charge of 200 million kronor (US$26 million) will be included in the result for the fourth quarter 2009.

Saab Bofors Dynamics develops defense technologies for armies, navies and air forces around the world and employed a total of 1,300 personnel before laying off people.

It is part of the Saab group, which has around 13,000 employees, but is no longer related to the vehicle brand Saab. That was sold to General Motors Corp in 2000.


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