Swedish high-technology engineering and steelmaking group Sandvik has issued its financial results for the third quarter of 2011, stating that despite the uncertainty in many markets related to financial concerns in Europe and the US, demand for Sandvik's products and solutions remained favorable in the third quarter.
According to the financial results, Sandvik's profit for the given period was SEK 704 million ($106.73 million), down 55 percent from SEK 1.6 billion in the same quarter of 2010. Order intake in the given period increased by 21 percent year on year to SEK 24.9 billion ($3.76 billion).
"With the exception of certain segments, the business climate was positive in the third quarter and favorable development was reported for order intake and invoiced sales. The North American market developed positively during the quarter as did South America and Australia, while demand in Europe and Asia leveled off in certain segments," said Sandvik's president and CEO Olof Faxander.
Sandvik also stated that it will lay off 365 employees in Sweden as a result of the Sandvik Group's new strategic direction and organization. The company launched its improvement program in September aiming "to increase profitability to a significantly higher and sustainable level and to strengthen the business area's leading position in key segments."