Major cutbacks are expected at Lindbäcks in Piteå

According to Mikael Brandt, planned projects that would have generated revenue have been cancelled.

- We live with rampant energy and fuel prices, high interest rates, high material and food prices.

We are heading into a recession in Sweden.

The construction industry is capital intensive and requires someone to finance.

When interest rates jump, it becomes tricky to get the calculations together, says Mikael Brandt.

Of the company's approximately 530 employees, approximately 300 people work in Piteå and Öjebyn.

"Significant share"

How many of those will be allowed to go is not yet clear, but according to Mikael Brandt, it is a "significant proportion".

Now union negotiations await and Mikael Brandt hopes to give more information in two weeks.

- We are doing this to secure Lindbäck's existence.

Although it is tough, it will not mean the end.

We have to adapt, says CEO Mikael Brandt.