June 16, 2020 / 1:20 PM / a month ago

AB Volvo to reduce white-collar workforce by 4,100 in second half of 2020

STOCKHOLM, June 16 (Reuters) - Truck- and construction equipment maker AB Volvo plans to cut its white-collar workforce by around 4,100 positions during the second half of 2020, it said in a statement on Tuesday, citing the effects of the COVID-19 pandemic.

“The Corona epidemic and the global measures taken to fight it has led to a market situation impacting our industry severely,” Volvo CEO Martin Lundstedt said in a statement.

“The effects are expected to be lower demand going forward and we need to continue to adjust our organization accordingly.”

Volvo said around 15% of the expected reductions were consultants, adding that about 1,250 positions were expected to be cut in Sweden. (Reporting by Johannes Hellstrom; Editing by Simon Johnson)

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