Haldex is the latest parts maker to announce significant workforce reductions in the face of a global economic slowdown.

The company announced in a release this morning it will reduce its workforce by 700 people globally by mid-2009. More than 100 employees at its plant in Landskrona, Sweden were served notice that they would lose their jobs.

Haldex said the cost-reduction program is necessary in response to declining demand and to increase production efficiency. At the same time, the company is reducing the number of consultants, temporary employees and employees on short-term contracts, Haldex announced.

It is also implementing structural changes to create a 'more focused and profitable business.'