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Valmet Automotive to lay off 940 employees

Reuters

COPENHAGEN (Reuters) - Finland's Valmet Automotive will lay off 940 employees in its vehicle contract manufacturing business line at the Uusikaupunki car plant, of which about half are dismissed while the rest are laid off until further notice, the company said on Monday.

The measures will be implemented between late April and early May, the company added.

Valmet Automotive in November called off an initial public offering, blaming a weak market sentiment.

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)