independent

Thursday 17 April 2014

Volvo to cut thousands of jobs

Volvo said it will lay off 4,400 employees in 2014, including the previously announced reduction of 2,000

Vehicle maker AB Volvo said its profits fell by 37% in the fourth quarter and it will lay off 4,400 employees in 2014, including the previously announced reduction of 2,000.

Volvo's chief executive Olof Persson said in a statement today the job cuts will affect employees worldwide.

Mr Persson said the cuts will help Volvo utilise its resources more effectively and are a consequence of the transformation the company is undergoing.

Volvo said fourth-quarter net profit fell by 37% to 548 million kronor (£51.5 million) from 869 million kronor a year earlier. Sales for the period rose by 8% to 76.6 billion kronor from 70.8 billion in the fourth quarter 2012.

AP

Press Association

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