STOCKHOLM, -- Volvo Group said Wednesday it will cut more than 1,500 jobs within its Swedish operations, due to the sharp decline on world markets for heavy vehicles.
"A total of 1,543 employees are affected," most of which will be in its truck and powertrain units, the group said in a statement.
Volvo Trucks and Volvo Powertrain are laying off 655 employees respectively, and other units affected included Volvo Construction Equipment and Volvo Penta, the group said.
"We are conducting ongoing discussions with the unions regarding shortening of the workweek and view being able to implement parts of these notices with such a solution as positive," said Stefan Johnsson, Senior Vice President responsible for human resources within Volvo's Group Executive Management.
Volvo Group has in recent months announced 5,800 job cuts amid world financial downturn. It had more than 100,000 employees by the end of 2008.
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