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. Last Updated: 07/27/2016

Volvo Sheds 6,000 Jobs

STOCKHOLM, Sweden -- Volvo announced Monday it was slashing 5,300 jobs to improve internal efficiency and strengthen competitiveness, but stressed that the cuts were part of structural changes rather than a response to weakness in global markets.

Volvo, a Swedish auto group, is to shed 5,300 jobs and also dismiss 700 consultants in the first half of 1999 to save 3 billion Swedish kronor ($390 million) annually.

Most of the measures are structural, and a consequence of a plan in December 1997 focusing on global growth, product renewal and internal efficiency, Volvo said.