Swedish engineering company Alfa Laval AB said Monday it will cut 1,000 jobs because of declining demand amid the global economic downturn.
The cutbacks will be implemented in the first six months of the year at a cost of 300 million kronor ($38 million), Alfa Laval said.
The restructuring measures were expected to yield annual savings of 400 million kronor, the company said.
Alfa Laval, which is based in Lund in southern Sweden, makes industrial processing equipment such as pumps and valves.
Company shares were down 2.6 percent to 65.00 kronor after the announcement in Stockholm.
