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Old 12-09-2008, 12:40 PM   #1
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Default Volvo eliminates 4,616 jobs worldwide

Göteborg, Sweden - Volvo Car Corporation has reported that it has completed negotiations with its union representatives, and that a total of 4,616 jobs will be eliminated, including 2,721 employees in Sweden, 680 employees abroad, and 1,215 contracts with consultants that have been terminated.

All employees have or will be informed during the coming week, with the majority leaving the company by December 31, 2008. They will have full salary during the notice period. Volvo said that during the fall, approximately 1,000 people were moved into new jobs that became available in connection with reorganization and termination of contracts with consultants.

In parallel with the reorganization, Volvo said that it has carried out an efficiency program throughout the company, with savings found in areas such as contract renegotiations, reduced purchased savings, savings in IT, telephony and travel, and new routines in the procurement process. Further savings will be achieved by co-locating certain departments and units during 2009.

“Today is of course a very sad day at Volvo, but I feel satisfied with the fact that our cost reduction program has been successful and it has enabled us to stay with a lower number of redundancies,” said Stephen Odell, president and CEO of Volvo Car Corporation
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Old 12-09-2008, 12:49 PM   #2
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Default Report: Ford in talks with Changan Auto over Volvo sale

Volvo recently laid-off more than 2,700 employees and confirmed that managers at parent company Ford were in talks with a number of potential buyers over the sale of the Swedish carmaker. While it was previously thought that Ford was primarily in talks with Shanghai Automotive Industry Corporation (SAIC), local reports are now claiming that the Blue Oval is actually in negotiations with its Chinese partner Changan Automobile Group.

The information comes from China’s National Business Daily, which cited an unnamed source from Changan Auto. The report did not provide details of the talks, but quoted an unidentified Changan executive as saying there was a chance for a deal. Changan is one of China's six biggest auto groups.

Ford is currently tied with Chongqing Changan Automobile - a subsidiary of Changan Auto that builds the Focus sedan for the local market - and we could see more assets from the Blue Oval eventually end up under Chinese ownership. However, slowing demand in even the traditionally strong Chinese market has most companies wary of any major acquisitions.

Several other companies are also believed to be involved in talks with Ford over the Volvo brand, though specifics are thus far not forthcoming.
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Old 12-10-2008, 09:22 AM   #3
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Old 12-10-2008, 10:04 AM   #4
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working and middle classes are always the ones punished by the actions of the greedy corporations... CEOs on the other hand... are still bringing home loads of money. Not to say life isnt fair, but it looks like no one is doing anything to make it any more fair to those who work hard.
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