Volvo said it planned to reduce its work force by 1,400 white-collar staff and 600 blue-collar workers, its biggest-ever round of job cuts, to offset the impact of a weak auto market and surging raw material costs.
The company, which has about 25,000 employees, has long been the victim of negative currency swings from the dollar's weakness as well as surging steel prices. Recently the situation had worsened, it said.
"Previously, this had been balanced with the help of cost reduction and efficiency programs," it said. "However, with a continued declining U.S. market, continued price increases on raw materials, and weaker market conditions in Europe, the situation has deteriorated."
source : iht.com/articles/2008/06/25/business/volvo.php
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