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Swedish jobs slashed as Volvo and Electrolux cut costs


Swedish jobs slashed as Volvo and Electrolux cut costs

The world second largest lorry maker Volvo is to cut 2,000 jobs. It is all part of a plan announced in September which is designed to generate annual savings equivalent to 4.5 billion euros.

At the same time it posted a sharp drop in third-quarter profit, hit by the strength of the Swedish currency and the costs of its biggest ever introduction of new models.

Volvo is Sweden’s largest private-sector employer, and another of the country’s big companies – Electrolux – also announced it is cutting 2,000 people from its payrolls.

The home appliances maker, whose brands include Frigidaire, AEG and Zanussi, also launched a new round of cost cuts and will review its production in Italy.

It is reacting to tough conditions in its main market, Europe, after posting a bigger than expected fall in third-quarter earnings.

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