AB Volvo Layoffs Job Cut: fires 1543 employees: Finance Trading Times

AB Volvo Layoffs Job Cut: fires 1543 employees

The news is from AB Volvo, which is the major truck maker and automobile company of Europe, is reported to be going for layoffs. We had published reports about the Volvo Lay off Job Cut in October, then there was another report in November for Volvo Lay off Job Cut. And now there is news about further cuts. The news is not good for the employees of the AB Volvo as the organization is going for job cuts. Now the situation is getting worse for the employees as the recession is taking a toll on all sectors and all of the sectors are feeling the heat. AB Volvo Logo
How many employees may be fired in the AB Volvo layoffs?
As per the reports, there are going to be 1543 job cuts by AB Volvo. That will be around 5.5% of the total employee strength of AB Volvo.

What is the total no. of employees of AB Volvo?
The total no. of employees of AB Volvo is around 101381 in the beginning of 2009.

What will be the cost and savings by AB Volvo layoffs?
Around 120 million USD is expected to be saved.

When will the AB Volvo layoffs happen?
No info on concrete dates of layoffs.

Which locations and department of employees will be affected by the AB Volvo layoffs ?
Truck division - 655, Construction - 125 and consultants -100. Volvo Penta, boat engines maker, is firing 108. The powertrain division - 655.

What is the primary reasons for AB Volvo layoffs?
It's all about the due to weak demand for its trucks, construction equipment and engines and the other usual reasons like worsening market situation, economy, declining sales and no clear site of future revival.

Any other news about AB Volvo layoffs
As per WSJ, Volvo, in announcing the new layoffs, cited the "sharp decline on world markets for heavy vehicles."
Let's hope that alternative jobs are available to the affected employees of AB Volvo Layoffs Job Cut
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