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Skanska to cut 3,400 Nordic staff

Swedish construction firm Skanska has said it will cut 6 per cent of its workforce, as its order book shrinks because of an 'extremely sharp decline in residential markets'.

The group, which reported a fall in third-quarter profits, said it expected 15 per cent less orders for new homes in 2009.

In a statement the firm said: "A review of the current order backlog and anticipated order bookings has indicated a volume decline of about 15 percent in the Nordic region in 2009.

"The main reason is the extremely sharp decline in the residential markets, but a weakening of other building segments is also anticipated. The volume decline for Skanska in other geographic markets is expected to be significantly lower."

The cuts will take place in Sweden, Norway and Finland. Skanska employs 20,500 people in Nordic countries and 60,000 worldwide.