Abu Garcia’s Swedish workforce cut by more than half

Pure Fishing – the world’s largest fishing tackle company – has made more than half of the employees at one of its top brands redundant.

According to reports in Sweden, 48 jobs – more than half of the 70-strong Abu Garcia workforce at its factory in Svängsta – have lost their jobs. The news was relayed to staff earlier this week. It is not known which parts of the workforce are affected. The company has a long history in the region and has been making reels in the town since the Second World War.

The company has blamed declining sales of its world famous reels as the reason for the job losses. Fredrik Svensson, Ombudsman at the trade union, IF Metall, told Sverige Radio that the news was a ‘sad day’ for the whole region. “The notice has come as a surprise and shock and many employees are very sad and frustrated by the news.”

Founded in 1921 as a maker of watches and telephone timers, Abu Garcia moved into the fishing business in the 1940s and has become an iconic international reel brand. It was taken over by the Jarden Corporation in 2007, which sold the group to Newells Brands before it was taken over by its current owner, Sycamore Partners, a private equity group based in New York.

Last month, Angling International reported that Pure Fishing had closed a deal that saw the refinancing of its $750m debt in an agreement that provided the group with additional long-term capital to enable it to continue its ‘growth trajectory’.

Dave Allen, Chief Executive of Pure Fishing, said at the time: “We look forward to continuing to grow our iconic brands, drive innovation and execute our strategic plan.”

Angling International has asked Pure Fishing for comment regarding the situation at Abu Garcia but has yet to receive a reply.