STOCKHOLM, Sweden - Ford-owned Volvo is laying off 1,200 employees in Sweden.

The company said Wednesday the decision will affect staff in Goteborg and Olofstrom in the west and southern parts of Sweden.

Volvo Cars will also cancel contracts with about 500 consultants and plans to reduce its overseas workforce by 300 people.

The company said the layoffs are part of a cost-reduction program estimated to cut Volvo's expenses by the equivalent... // CKTB

STOCKHOLM, Sweden - Ford - owned Volvo is laying off 1,200 employees in Sweden.

The company said Wednesday the decision will affect staff in Goteborg and Olofstrom in the west and southern parts of Sweden.

Volvo Cars will also cancel contracts with about 500 consultants and plans to reduce its overseas workforce by 300 people.

The company said the layoffs are part of a cost-reduction program estimated to cut Volvo's expenses by the... // CanadaEast.com

Ford-owned Volvo said Wednesday it had given layoff notices to 1,200 workers in Sweden following a $151 million first-quarter loss on declining U.S. sales.

The company said it has started negotiations with unions representing staff in Goteborg and Olofstrom in the west and southern parts of Sweden.

Volvo will also cancel contracts with around 500 consultants and plans to reduce its overseas work force by 300 people.

The company said the layoffs are part of a program to cut costs by around 4 billion kronor ($662 million).

"We must tackle the difficult market conditions, most of all in the U.S. market," Volvo Cars Chief Executive Fredrik Arp said.

The company said the weak U.S. dollar and rising raw material prices have weighed on results for a long time, but that the situation has... // BusinessWeek

The company says it has started negotiations with unions representing staff in Goteborg and Olofstrom in the west and southern parts of Sweden.

Volvo will also cancel contracts with around 500 consultants and plans to reduce its overseas work force by 300 people.

The company says the layoffs are part of a program to cut costs by around 4 billion kronor ($662 million).

"We must tackle the difficult market conditions, most of all in the U.S.... // USA Today

Ford-owned Volvo said Wednesday it had given layoff notices to 1,200 workers in Sweden following a $151 million first-quarter loss on declining U.S. sales.

The company said it has started negotiations with unions representing staff in Goteborg and Olofstrom in the west and southern parts of Sweden.

Volvo will also cancel contracts with around 500 consultants and plans to reduce its overseas work force by 300 people.

The company said the layoffs are part of a program to cut costs by around 4 billion kronor ($662 million).

"We must tackle the difficult market conditions, most of all in the U.S. market," Volvo Cars Chief Executive Fredrik Arp said.

The company said the weak U.S. dollar and rising raw material prices have weighed on results for a long time, but that the situation has... // Conde Nast Portfolio