UPDATE 1-Finland's Cargotec plans job cuts

Tue Oct 2, 2012 3:28am EDT

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HELSINKI Oct 2 (Reuters) - Finnish cargo handling equipment maker Cargotec Oyj said it plans to cut jobs in an effort to bolster profitability ahead of the planned listing of its marine unit next year.

Cargotec said it planned to cut around 245 "man years" in jobs, 130 of them in Finland. A man year is a unit of work done by one person in a single year.

The company is preparing to list its marine unit in Asia next year and use the proceeds to finance new investments.

The announcement adds to a string of recent job cut plans from Finnish companies such as Metso, Rautaruukki , Kesko and OP-Pohjola due to the economic downturn. (Reporting by Helsinki newsroom; Editing by Hans-Juergen Peters)

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