The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.10 - Manufacture of motor vehicles
4,100 jobs Number of planned job losses
Announcement Date
16 June 2020
Employment effect (start)
16 June 2020
Foreseen end date
Description
The Swedish truckmaker Volvo has announced a worldwide restructuring to cope with the consequences of the coronavirus pandemic that will lead to the loss of 4,100 mainly white-collar positions. About 1,250 job cuts are planned in Sweden, while 463 other jobs will be cut in its French subsidiary Renault Trucks. According to Volvo, the pandemic and measures to curb the spread of the Covid-19 have severely impacted sales. 'The effects are expected to be lower demand going forward and we need to continue to adjust our organisation accordingly,' according to Martin Lundstedt, CEO of the Volvo Group. Volvo highhlighted that 'staff reductions would have been higher without various governmental support packages enabling short-term layoffs and other similar measures'. Job reductions would be carried out across the group but the details would depend on 'the local business situation, country legislation and labour market practices', adds the company.
Eurofound (2020), Volvo, Internal restructuring in World, factsheet number 100960, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/100960.
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