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Volvo to cut 1,000 jobs in construction-gear unit

2015-02-05 14:36:51| Appliances - Topix.net

Sweden's Volvo AB said Thursday it will cut 1,000 jobs in its construction equipment business as Chief Executive Olof Persson's struggle to improve the company's profitability continues. Volvo said its construction equipment operation has suffered from a deterioration in markets outside North America and as a result it will close operations in Poland, Brazil and the U.S. The job cuts come on top of a staff reduction of 4,400 white-collar employees announced last year within the framework of a program now targeting 10 billion Swedish kronor in savings by the end of 2015.

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