The long-serving boss of Swedish heat-pump manufacturer NIBE Industrier AB sounded emotional last week when announcing a cost-cutting program dismissing 500 workers. Having battled to accelerate production when gas prices soared after Russia invaded Ukraine, Nibe and peers are now slamming on the brakes in response to weaker-than-expected demand and a glut of supply, which they hope is temporary. I hope they’re right.

“There are too many heat pumps in the chain,” Chief Executive Officer Gerteric Lindquist told analysts. “The heat-pump market will continue to grow. But now we feel that we have to adjust because we were equipped, if I may call it, to a larger volume.” Previously one of the continent’s best-performing stocks, Nibe’s shares have fallen by around 50% in the past year.