Volvo Trucks North America and UAW Agree on Three-Year Contract

Employees represented by the United Auto Workers have ratified a new three-year agreement covering about 2,600 members of UAW Local #2069 at the New River Valley, VA, plant. The new contract takes effect on March 17, and will expire on March 16, 2011. The agreement ends the UAW strike that began on February 1.

“This agreement will help us improve the competitiveness of our NRV plant, while continuing to provide our employees with a very competitive package of wages and benefits,” said Per Carlsson, president and CEO of Volvo Trucks North America. “Our focus now is on getting trucks to our customers as soon as possible, and strengthening our relationship with our NRV employees.”

Employees will return to work on March 24, when the plant will begin ramping up to an average daily production rate of 146 vehicles a day.

March 17, 2008

Reporters who want more information, please contact:
Europe: Mårten Wikforss, +46 31 66 11 27 or +46 705 59 11 49.
US: John Mies, Volvo Trucks North America, +1 336 393 4300.

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AB Volvo (publ) may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 08.00 a.m. March 17, 2008.