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Saab Barracuda in Gamleby to shed 18 employees

Saab Barracuda in Gamleby to shed 18 employees Due to weak order bookings, Saab Barracuda in Gamleby has today given notice to 18 employees. The move affects administrative and production personnel in Gamleby, eastern Sweden. "The market for camouflage products is still very weak, which has resulted in overcapacity in our operation," says Mats Warstedt, President of Saab Barracuda AB. "This is unfortunately the second time we have had to reduce the workforce, and it feels particularly difficult to have to take this action when the labor market is so tough in general. We have been able to soften the blow to some extent by offering contract retirement." Saab Barracuda AB is located in Gamleby, Sweden, and develops, manufactures and markets products for multi-spectral protection against detection and identification through signature management. The company is a world leader in its field with subsidiaries in five countries, and representatives and customers in 50 countries. There are 250 employees, 110 of whom are in Sweden (Gamleby). Saab is one of the world's leading high-technology companies, with its main operations focusing on defence, aviation and space. The group covers a broad spectrum of competence and capabilities in systems integration. For further information please contact: Mats Warstedt, President, Saab Barracuda AB, tel: +46 493 148 12 www.barracuda.se www.saab.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/11/03/20031103BIT00390/wkr0001.doc http://www.waymaker.net/bitonline/2003/11/03/20031103BIT00390/wkr0002.pdf