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JM announces potential lay-offs

JM
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In order to dimension the operations to the lower production volumes resulting from the deteriorating economy, JM has announced today a potential reduction in Group staffing by approximately 200 employees.

The significant decrease in housing sales that we are seeing in the wake of the deteriorating economy is resulting in a lower rate of residential units sold. Because JM always bases its work on the strategy that there must be clear demand for planned housing projects, it is necessary to adapt JM's operations to the market conditions that are expected to prevail for the foreseeable future.

We are therefore taking measures now to dimension costs and staffing to lower production volumes and simultaneously creating conditions for a well-dimensioned organization for when the economy improves. The Group's staffing is being adapted through a decrease of approximately 200 employees.

- We are in a situation where we need to take measures to adapt our costs to a lower production volume given the current market conditions. It is very sobering that part of this means we need to make the decision to reduce staffing and that employees will be affected as a result of the weakened economy, says Johan Skoglund, President and CEO.

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