Volvo to lay off 1,000

Times Wire Services

Swedish truck and bus maker Volvo said it would lay off 1,000 employees at its powertrain unit in Sweden and the United States as the global financial crisis continues to weigh on the demand for heavy vehicles.

A Volvo spokesman said the layoffs would affect 100 workers in Hagerstown, Md., as well as 900 in Sweden.

Volvo Powertrain makes engines, gearboxes and rear axles for trucks.

The Volvo group had previously announced layoffs of 2,000 workers at truck plants in Belgium and Sweden and 1,350 at its construction unit. The company has more than 100,000 employees worldwide.