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More layoffs at Volvo Group

Volvo Group announced on Wednesday it was cutting an additional 1,543 jobs in Sweden, with most redundancies coming at the group’s Volvo Truck division.

More layoffs at Volvo Group

“As a result of the sharp decline on world markets for heavy vehicles, the Volvo Group is being forced to implement new personnel reductions within its Swedish operations,” it said in a statement.

“A total of 1,543 employees are affected when Volvo Trucks, Volvo Construction Equipment, Volvo Penta and Volvo Powertrain today announced new layoffs,” it added.

The company has in recent months announced 5,800 job cuts.

Volvo Group has earlier said that during 2008 and 2009 a total of 16,255 permanent and temporary employees and consultants were to leave the group.

At the end of 2008, Volvo Group had 101,381 employees.

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VOLVO TRUCKS

US and Japan fuel surge for Volvo trucks

Sweden's Volvo, the world's second-largest maker of trucks, said Friday it saw a spike in profits in the third quarter, boosted by thriving sales in the US and Japanese markets.

US and Japan fuel surge for Volvo trucks
Ed Carbaugh prepares to install parts on a truck engine on an assembly line at Volvo Trucks' powertrain manufacturing facility in Hagerstown, Maryland, March 2014. Photo: Patrick Semansky/AP

Net profit increased eight percent to 1.5 billion kronor ($206 million), while sales rose 3.6 percent to 67.2 billion kronor, above expectations by analysts who had forecast 63.8 billion kronor.

"The market development in the third quarter followed the overall direction from the second quarter with good momentum in North America and Japan," chief executive Olof Persson said in a statement.

At the same, there was "continued slow development in the emerging markets in South America and Asia," he said.

In Europe, the company had seen increased uncertainty in many markets based on the political and economic situation, which has led to the positive momentum from the first half of the year leveling off, the company said.

One year ago, the then struggling Volvo Group announced the elimination of 2,000 jobs of managers and consultants.

For 2015, the company predicted the market for heavy-duty trucks would be at the same level as in 2014 in Europe, Japan and China, while higher in North America and India.

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