Volvo laying off 650 at US truck plant

Swedish vehicle manufacturer Volvo has announced permanent layoffs of 650 workers at its truck assembly plant in this Virginia town.

Volvo Trucks North America said Tuesday that it will lay off 40 percent of the plant's remaining work force by the end of April. The layoffs will begin in March.

Volvo spokesman Jim McNamara says the layoffs are prompted by declining demand.

The company laid off about 1,000 workers at the plant last May, and had planned weeklong shutdowns during the first three months of this year in an effort to avoid additional job cuts.

Source : IHT
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]