Volvo Construction Equipment gives notice of job losses in Eskilstuna

VOLVO CONSTRUCTION EQUIPMENT GIVES NOTICE OF JOB LOSSES IN ESKILSTUNA Volvo Construction Equipment Components AB in Eskilstuna has today given the County Employment Board in Södermanland County notice of redundancies involving 97 employees in total, affected 85 blue-collar workers and 12 salaried employees, corresponding to a little less than 10% of the total number of employees. The reason for notifying these job losses is the negative development of the construction equipment world market. From being established at a relatively high level during several years the market began to decline in the latter part of 1998, and the trend has not turned during the first two months of this year. "Apart from the traditional seasonal production increase during the spring, we expect 1999 to be weaker than 1998, which means we will see a lower production level in our workshop. For that reason we have to take early measures", Volvo Construction Equipment Components President Mr. Bo-Göran Ulfberg says as a comment to the notice. Negotiations with the trade unions, as required under industrial codetermination legislation, will start immediately. Further information is given by Bo-Göran Ulfberg +46 16 15 23 44 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/03/15/19990315BIT00270/bit0001.doc http://www.bit.se/bitonline/1999/03/15/19990315BIT00270/bit0002.pdf