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Husqvarna CEO says further cost cuts likely

Husqvarna's top executive said the garden tools maker may need to cut costs further to adapt to an expected drop in demand next year.

“It is reasonable to assume that we need to take further action, because it is reasonable to assume demand will be somewhat lower in 2009,” Husqvarna Chief Executive Magnus Yngen told Reuters.

Yngen said Husqvarna did not yet have a new cost cutting programme ready. The company earlier on Friday said it would cut an additional 110 temporary contracts at the group. In total, the group has announced it is shedding 960 jobs. (Reuters)