Volvo AB Cuts Jobs On Falling Demand
By Anonymous
Monday, October 13 2008
Monday, October 13 2008
Published on AllBusiness.com
Volvo AB, the world's second-largest truck maker, will cut about 1,400 jobs at factories in Belgium and Sweden because of a slowdown in European demand, the company said Sept. 30.
"The planned reductions are not only being undertaken to rebalance capacity but also to increase efficiency in production and to compensate for the higher raw material prices that we are now experiencing," said Staffan Jufors, president of Volvo Truck Corp.
Volvo, Gothenburg, Sweden, said it now will begin talks with unions regarding the job cuts. The downsizing will begin in December and continue through April.
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