Volvo CE To Lay Off 350 Permanent Employees In Sweden

The construction equipment unit of Swedish truck maker Volvo AB will lay off 350 permanent employees in Sweden due to slack demand for its products in Europe and elsewhere, a spokesman said.

"It's unfortunate we had to take this step, but we didn't have any other option given the weakening demand in the global economy and increased uncertainty over the future," Volvo Construction Equipment spokesman Magnus Baarnhielm said.

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