Meat processor Swedish Meats has announced plans to cut 400 jobs, or 8.5% of its workforce, in a bid to cut costs and improve profitability.

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The farmer-owned Stockholm-based company said the job cuts were part of a SEK94m (US$12.1m) cost cutting plan aimed at boosting profits by SEK350m by 2006, reported the Associated Press.

Swedish Meats, which owns the Scan brand, has annual sales of SEK9.2bn.

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