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Singamas slashes staff and capacity

Singamas slashes staff and capacity

Hong Kong:  Singamas Container Holdings Ltd., the world's second-biggest maker of boxes for shipping goods, cut staff by more than a third and slashed capacity as a slump in global trade reduced demand for containers.

The company reduced its workforce to 8,000, chief executive officer Teo Siong Seng told reporters here yesterday.

Singamas shuttered plants and cut shifts so that operating capacity dropped to just 30 per cent of 700,000 containers for the first quarter, he said, as reported by Bloomberg.  [12/03/09]