/ Industry, News, Volvo / Volvo Trucks to widen job cuts

Volvo Trucks to widen job cuts

Linked In Share
Volvo Trucks to widen job cuts

As it strives to get to a cost-savings target for 2015 in the ever limited sales prospects in the truck business, Volvo AB, which is currently the world’s second-biggest truck maker, will make an administrative job cut of 4,400 positions.

The job cutbacks will actually be a widening of an earlier program to eliminate 2,000 jobs, should be completed this year and would trigger along with other plans a reorganization cost of around 5 billion kronor ($766 million). The Gothenburg, Sweden-based company said in a statement these measures will lead to annual savings by 2015 of 4 billion kronor.

“The job cuts are in line with their restructuring plans,” and investors will appreciate that Volvo is keeping its dividend payment steady, said Thomas Besson, a Paris-based analyst at Kepler Cheuvreux.

“This year will be characterized by efficiency improvements, including a reduction in activities and costs, as well as personnel reductions,” Olof Persson, Volvo’s CEO, said in the statement. “This will play an important part in the work to achieve the group’s strategic and financial targets.”

According to Chief Executive Officer Olof Persson, Volvo AB ultimately wants to come to the highest operating margins in the world’s heavy-equipment industry – and the strategy includes a previously announced sale of its American construction-machinery rental unit in a deal completed on January 31.

Via Bloomberg

by Aurel Niculescu (my Google+) - Thursday, February 6th, 2014 - filed under Industry, News, Volvo. Image credit: .
Linked In Share
Related Articles
job cuts truck maker volvo ab


Discuss: Volvo Trucks to widen job cuts

Leave a Reply















Inautonews Facebook PageInautonews RSS FeedInautonews TwitterInautonews Youtube Channel

Sign up to receive our email newsletter on your email. It's safe. No spam!

Leaked – New-gen Audi A4
Leaked – New-gen Audi A4A few images with the new generation of the Audi A4 have emerged and they are revealing part of its front fascia and the interior ...
Honda S660 Concept Edition introduced
Honda S660 Concept Edition introducedThe Honda S660 Concept Edition has been designed to celebrate the launch of the regular S660 and it is a limited-run model which ...
[VIDEO] See this Ferrari LaFerrari do donuts inside
[VIDEO] See this Ferrari LaFerrari do donuts insideDonuts and burnouts seem to be the Ferrari LaFerrari’s special and such a hypercar has been recently filmed while burning its ...
Mechanic takes BMW M4 Coupe for refill, crashes it
Mechanic takes BMW M4 Coupe for refill, crashes itA BMW mechanic has taken an M4 Coupe for a refill but he ended up crashing the performance model into a tree. A 23-year old guy ...
Recall roundup: BMW X5 for airbag problems
Recall roundup: BMW X5 for airbag problemsBMW has recently issued a recall for the X5 full-sized SUV because of a problem with its airbags. The German based automaker BMW ...
[VIDEO] Ferrari 488 GTB filming its promo
[VIDEO] Ferrari 488 GTB filming its promoThe Ferrari 488 GTB has been spotted recently on the road where it was filming its first promotional video. Ferrari has been ...
[VIDEO] Dodge Challenger SRT Hellcat goes drifting
[VIDEO] Dodge Challenger SRT Hellcat goes driftingA new video released onto the web is showing the impressive Dodge Challenger SRT Hellcat drifting on public roads. The Dodge ...
Renault Captur and Kadjar might get RS versions
Renault Captur and Kadjar might get RS versionsThe two crossovers currently produced by Renault, the Captur and the Kadjar, are expected to receive Renaultsport versions in the ...
Trailer carrying McLaren MP4-12C gets hit by train, supercar destroyed
Trailer carrying McLaren MP4-12C gets hit by train, supercar destroyedA trailer carrying a McLaren MP4-12C supercar has been hit by a train last week, in Orange Park, Florida, and the exotic ride has ...
Aston Martin Vulcan to debut in North America
Aston Martin Vulcan to debut in North AmericaAston Martin has announced the North American debut for the Vulcan track-only supercar during the 2015 New York Auto Show. The ...
[VIDEO] Ferrari LaFerrari goes drifting, almost crashes on the Ring
[VIDEO] Ferrari LaFerrari goes drifting, almost crashes on the RingA rare example of the Ferrari LaFerrari has been recently taken to the famous German track, the Nurburgring, where it was almost ...
Cadillac CT6 to bring lightweight approach to GM products
Cadillac CT6 to bring lightweight approach to GM productsGeneral Motors is set to introduce the upcoming large size CT6 sedan during the New York Auto Show this week and while the model ...
Dodge to produce 1,000 more SRT Hellcats
Dodge to produce 1,000 more SRT HellcatsDodge has recently announced that the production of the Challenger SRT Hellcat and Charger SRT Hellcat will be supplemented by ...
Spotted – McLaren 675LT
Spotted – McLaren 675LTAn example of the recently unveiled McLaren 675LT has been spotted recently in Spain while it was being driven on public ...
US: FCA sales streak puts pressure on dealers
US: FCA sales streak puts pressure on dealersFiat Chrysler Automobiles US, formerly the Chrysler Group, is set to report its sales for March on April 1 and the tally is going ...
Read more automotive news


2015 Geneva Motor Show Coverage

2016 audi a4 1
Honda S660 Concept Edition 1
bmw m4 coupe crash mechanic netherlands 1
mclaren mp4-12c crash train florida 1
mclaren 675lt spotted spain 1
Audi R8 V10 Plus Vegas Yellow 1
hyundai veloster prototype mid-engine 1
2016 Porsche Panamera Edition 1
Range Rover SVAutobiography 1
Lincoln Continental Concept 1
bmw x5 xdrive40e shanghai motor show 1
BMW_M135i_3dr

More automotive from inautonews
A few images with the new generation of the Audi A4 have emerged and they are revealing part of its front fascia and the interior design. Audi’s answer to the BMW 3-Series, Mercedes-Benz C-Class, Jaguar XF or Cadillac ATS, amongst others, is called the A4 and it has been around for quite a few ...
read more
Inautonews Editors Section
Test Drive – Mitsubishi ASX 2.2 Diesel AT Instyle 4WD
Test Drive – Mitsubishi ASX 2.2 Diesel AT Instyle 4WD The Mitsubishi ASX can be called just about anything except for “new” and this is the word we are looking for because the company seems to have ...
Test Drive – BMW 2-Series Active Tourer 218d
Test Drive – BMW 2-Series Active Tourer 218dIn an attempt to keep production costs low and to go ahead with its times, the 2-Series Active Tourer is the first vehicle made by BMW with a ...
Test Drive: BMW 225i Active Tourer
Test Drive: BMW 225i Active TourerOne word of advice from the very beginning – if you’re a BMW purist that believes the blue-white logo has nothing in common with front wheel ...

Editors Section
Inautonews Editors Section
2012 Safest Cars list 2011 Safest Cars [Video] 2011 IIHS Safest Cars [Video] 2011 EuroNCAP Safest Cars 2010 Safest Cars [Video]

Latest in Safety Recall roundup: BMW X5 for airbag problemsBMW has recently issued a recall for the X5 full-sized SUV because of a problem with its ... Computers assist small SUVs in passing crash testsThe subcompact crossover segment is shaping up as the place to go for automakers even on the ...
Safety Section