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Volvo Cuts 2,400 Jobs After Profits Fall

Agence France PresseFeb 6, 2014, 17:26 IST

Volvo Trucks / YouTube

Swedish truck maker Volvo said Thursday it is cutting 2,400 jobs in addition to 2,000 cuts the company, a leader in the global truck sector, announced in October.

Sales fell by 9.0 percent from the 2012 level to 272.6 billion kronor (30.9 billion euros, $41.7 billion) last year, the group said. The truck market is closely linked to economic activity.

Net profit fell by two thirds to 3.80 billion kronor (430 million euros).

The job cuts affecting management, administrative staff and consultants are part of a restructuring launched in September to boost profitability.

All of the cuts are due to take effect this year.

At the end of last year, the company had 95,500 people on its payroll and employed nearly 15,000 consultants.