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 29.1 - Manufacture of motor vehicles
1,000 - 1,500 jobs Number of planned job losses
Announcement Date
23 August 2005
Employment effect (start)
Foreseen end date
Description
The Swedish carmaker Volvo is planning to cut up to 1,500 jobs and decrease costs by SEK 1 billion. The Ford Motor-owned company blamed the exchange rate between the Swedish crown and the dollar, increased competition and high steel costs. 'About 1,000 to 1,500 jobs would be affected as part of the cost-saving drive', Volvo said. Most of the cuts will come at Volvo's operations in Göteborg, the company said. Volvo Cars has 20,000 staff in Sweden and 8,000 in other countries, most of them in the US.
Sources
23 August 2005: Dagens Nyheter
23 August 2005: Sveriges Radio
Citation
Eurofound (2005), Volvo, Internal restructuring in Sweden, factsheet number 62183, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62183.
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