Sweden-based airline Scandinavian Airlines System (SAS) said it will reduce payrolls by 8,600 jobs as part of its "Core SAS" restructuring plan. The airline will cut 3,000 staff directly and eliminate 5,600 by divesting business ventures, reducing the workforce by 40% to 14,000. The restructuring  comes after SAS posted losses of 6.32 billion Swedish krona in 2008. The company is also to sell airBaltic and Spanair and its stakes in Air Greenland,  BMI, Estonian Air, Skyways Express, Spirit Airlines and Trust. Spanair is to be sold for €1. The company intends to switch to concentrating on its core  Nordic market.
Sweden-based airline Scandinavian Airlines System will cut 3,000 staff directly and eliminate 5,600 by divesting business ventures.
From the context we know that "Sweden-based airline Scandinavian Airlines System (SAS) said it will reduce payrolls by 8,600 jobs as part of its "Core SAS" restructuring plan. The airline will cut 3,000 staff directly and eliminate 5,600 by divesting business ventures"  Therefore it is definitely correct to say "Sweden-based airline Scandinavian Airlines System will cut 3,000 staff directly and eliminate 5,600 by divesting business ventures."
( z1 and :op ( z2 cut :ARG0 ( z3 airline :name ( z4 name :op "Scandinavian" :op "Airlines" :op "System" ) :ARG1-of ( z5 base :location ( z6 country :name ( z7 name :op "Sweden" ) ) ) ) :ARG1 ( z8 person :quant 3000 :ARG2-of ( z9 staff ) ) :ARG1-of ( z10 direct ) ) :op ( z11 eliminate :ARG0 z3 :ARG1 ( z12 person :quant 600 :ARG2-of ( z13 staff ) ) :manner ( z14 divest :ARG0 z3 :ARG1 ( z15 venture :mod ( z16 business ) ) ) ) )