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Nov 11, 2008 4:33 PM

Haldex AB, Stockholm, Sweden, has announced it will reduce its global workforce by 700 employees by mid-2009.

The company is giving notice concerning the layoff of 105 employees within the operations conducted at the plant in Landskrona, Sweden. The notice pertains to 80 employees in the company’s brake system operations (Haldex Brake Products) and 25 employees in the operations involving all-wheel drive systems (Traction). In parallel, a process is under way aimed at reducing the number of consultants, temporary employees, and employees on short-term contracts. Structural changes of operations will also be implemented with the aim of creating a more focused and profitable business, according to Haldex information.