Volvo announces job cuts in southern Sweden
27 June 1998
Volvo is cutting 20 percent of its work force at its Eslov excavator plant in southern Sweden. The move comes as a result of Volvo's decision to concentrate its excavator division in South Korea. The company recently acquired the construction business wing of Samsung Heavy Industries for $572 million. At Eslov, 165 of the 750 workers will lose their jobs. The company cited intense competition in the excavator industry in the last few years.