Volvo Goes For Restructuring Programme

Automaker Volvo has handed its official notice to the Swedish government indicating its plans of restructuring the workforce before the end of 2008. As a part of its restructuring programme, the company will be laying off around 2,000 staff in its Swedish operation and cancelling 500 consultancy contracts, with the aim 'to achieve a better financial position', Volvo Chief Executive Fredrik Arp said.

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