Volvo said its construction equipment unit Volvo CE will reduce its current workforce of 8,500 by around 950 white and blue collar employees all over the world, and that the layoffs are expected to cut the unit's costs by $30 to $40 million annually.
In North America, Volvo CE will cut its workforce by around 140 employees, in Asia by 190, in South America by 20 and in Europe by 600, of which around 390 in Sweden, it said.
The main reason for the reductions is the negative development in the construction equipment's major markets, with the North American market having deteriorated for a number of quarters and the European market also starting to weaken, the company said.
AFP