Wednesday, 29 October 2008

Volvo lays off 600 employees in Sweden, Belgium

Swedish truck maker Volvo AB says it will lay off 600 more workers at plants in Sweden and Belgium due to declining demand in Europe.

Volvo spokesman Stafan Karlsson says the job cuts will affect 200 staff at its plant in Ghent, Belgium, 250 in Goteborg, western Sweden, and 150 in Umea, northern Sweden.

He said Wednesday that the financial crisis has meant customers in Europe are holding back their truck orders.

The company previously gave notice to 1,400 truck workers in September, and has also cut 1,300 staff at its construction equipment unit.

Source: EconomicTimes

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