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FLSmidth announces Denmark layoffs, plans global cuts
September 29, 2016 / 10:46 AM / a year ago

FLSmidth announces Denmark layoffs, plans global cuts

COPENHAGEN, Sept 29 (Reuters) - FLSmidth is laying off 130 workers in Denmark as part of plans to cut about 10 percent of its global workforce in the near future, the Danish provider of equipment and services to the cement and mining sectors told Reuters on Thursday.

“In the second quarter we delivered lower than expected revenue, which is why we make these adjustments,” said FLSmidth’s head of communications Sofie Lindberg.

Thursday’s layoffs amount to approximately 10 percent of the company’s Danish staff and the company expects to make worldwide cuts of about 10 percent in the near future, Lindberg said.

In the second quarter the company informed 400 employees that they would be losing their jobs.

FLSmidth had 12,700 employees globally at the end of the second quarter.

In August, the company reported lower-than-expected second-quarter profits and narrowed its 2016 guidance to the lower end of its guidance.

At 1013 GMT, FLSmidth shares were up 2.1 percent at 251 Danish crowns, outpacing the benchmark index which was up 0.3 percent.

Reporting by Annabella Pultz Nielsen; editing by Jacob Gronholt-Pedersen and Jason Neely

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