Compressor and machinery maker Atlas Copco AB said its construction equipment business had weakened further in the fourth quarter due to global economic uncertainties, although business in other units was developing well.
The Swedish group has so far weathered the global economic downturn, trimming costs and riding a wave of strong demand from the booming mining industry to produce record earnings.
But the worsening conditions the company warned of a month ago have established themselves in the construction sector two months in to the fourth quarter.
"In the call we had for the Q3 results we already mentioned that we see a softening of the business in the construction area. That continues to be (the case) and we are reducing our resources accordingly," Leten told an investor conference.
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