Swedish glass maker downsizes due to falling sales

Swedish glass maker Orrefors Kosta Boda will lay off 200 workers in an effort to slash costs amid declining sales, the owner said Monday.

New Wave Group, which bought the glassware company in 2005, said the job cuts would result in annul savings of 200 million kronor ($25 million). The layoffs were in addition to 100 job cuts announced in September.

"The glass industry in the whole world is going through a large-scale crisis and we must secure the brands and the Swedish glass production's survival by means of constantly adapting to the market and perform better than our competitors," New Wave Group Chairman Torsten Jansson said.

Orrefors and Kosta Boda are the most famous brands of crystal in Sweden, which has a centuries-old tradition of glass making, mainly in the Smaland province.

Financial daily Dagens Industri last month reported that the company was on the brink of collapse because of a slump in demand.