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Business

Volvo announce 1,620 additional layoffs

Latest update : 2009-01-13

After thousands of job cuts worldwide since June, Volvo Group has announced an additionnal 1,620 layoffs, 1,020 of them in its trucking division. German car giant Daimler last week decided not to buy Swedish-based Volvo Cars from ailing US Ford.

AFP - Sweden's struggling Volvo Group, which has announced thousands of layoffs in recent months, said Tuesday it would slash another 1,620 jobs, 1,020 of them in its trucking division.
   
"Volvo Trucks has announced an additional 1,020 layoffs and then another part of the Volvo Group, Volvo Powertrain, has announced 600 additional layoffs," company spokesman Anders Vihelmsson told AFP.
   
The Volvo Trucks cuts would hit a factory in the northern Swedish town of Umeaa the hardest, slashing 670 jobs there, while a factory in the southwestern city of Gothenburg would lose 350 jobs, he said.
   
The layoffs at Volvo Powertrain, which produces heavy engines, gearboxes and driveshafts, would meanwhile affect two Swedish factories, one in the southwestern town of Skoevde and the other in the central town of Koeping.
   
Including the layoffs announced Tuesday, Volvo's trucks division has since the end of September said it would cut 3,020 jobs in Sweden and Belgium, while its machine and construction equipment arm has said it will lay off 2,350 people.
   
Following the news, Volvo Group saw its share price slip 4.81 percent in afternoon trading on the Stockholm stock exchange, where the OMX30 index was down 1.94 percent.
 

Date created : 2009-01-13

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