All employees at volvo excavators given notice

ALL EMPLOYEES AT VOLVO EXCAVATORS GIVEN NOTICE AFTER FINALIZING THE LOCAL NEGOTIATIONS WITH THE UNIONS VOLVO EXCAVATORS TODAY GAVE NOTICE TO IT'S REMAINING 500 EMPLOYEES AT IT'S ESLÖV PLANT. The decision taken by the board is due to the fact that Volvo Excavators in Eslöv has been losing money for many years. In order to enhance Volvo Construction Equipment's long-term earnings a thorough cost cutting program has been launched throughout the company. As a result of the acquisition of Samsung's construction equipment division Volvo has established a base for efficient production and increased profitability. February 1, 1999 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/01/19990201BIT00210/bit0001.doc http://www.bit.se/bitonline/1999/02/01/19990201BIT00210/bit0002.pdf