© Aros Quality Group
Electronics Production |
Aros Quality reducing workforce
Aros Quality Group, a Swedish supplier of components and systems, announced today it has begun reducing its workforce due to the global market insecurity.
As a result of the global financial crisis, AQ is now revising its forecasts for Q4 2011 and now predicts a turnover of 6.5 US million (450 MSEK) for the quarter, which means an annual turnover of slightly more than 30.3 US million (2 100 MSEK).
Earnings for the company during the period are expected to be almost zero, resulting in a net margin of approximately 5.5 % for the full year.
"The global financial crisis has now even struck AQ. Many of the company's customers are postponing their projects and not calling for products to the same extent as previously. The reduction in the volume of invoices has led to us having to reduce both the workforce and fixed costs in order to reach acceptable profit margins. Due to the insecurity on the financial market and the reduction in the demand for our products, we will not be making a forecast for the beginning of 2012", says CEO Claes Mellgren.
