Componenta to cut 550 jobs

HELSINKI Thu Oct 18, 2012 7:34am EDT

HELSINKI Oct 18 (Reuters) - Finnish metal components maker Componenta said it planned to cut 550 jobs, or 12 percent of its total staff, to boost profitability.

Componenta, which makes cast components for trucks, cars and tractors, said on Thursday it was being hit by rising costs and unfavourable currency rates.

Componenta has plants in Finland, Turkey, Sweden and the Netherlands.

Its shares were down 8.1 percent at 1130 GMT. (Reporting By Jussi Rosendahl; Editing by Dan Lalor) (jussi.rosendahl@thomsonreuters.com; +358 9 6805 0248; Reuters Messaging: jussi.rosendahl.thomsonreuters.com@reuters.net)

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