Volvo CE cuts 850 Swedish jobs

Volvo has announced that it will cut 850 jobs at its Construction Equipment divison in Sweden due to slowing global demand.

The jobs losses will be in addition to the 500 cuts it announced it would make recently.

The firm said: "The actions we are taking now are needed in order to adjust production capacity to declining demand and to ensure that the company is coming out stronger from this downturn."