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Heavy Equipment
October 2, 2008
Volvo Construction Equipment cuts 500 jobs in Goderich
GODERICH, Ont.
About 500 jobs are being lost in Goderich, Ont., as the Volvo group moves most of its motor grader work from its Ontario plant to a U.S. factory.
The Swedish company — separate from the Volvo carmaker owned by Ford Motor Co. — said this week that its Volvo Construction Equipment division will move the majority of its motor grader activities from the town on the Lake Huron shore to Shippensburg, Pa.
Volvo stated that the move, to be completed in phases by 2010, “was taken to improve the competitiveness and profitability of the total road machinery business and will also reduce our exposure to exchange-rate fluctuations within North America.’’
Volvo also announced plans to lay off 1,400 people at truck plants in Belgium and Sweden to adjust to falling demand in Europe.
Canadian Press
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Reed Construction Data Canada’s Chief Economist Alex Carrick discusses current developments in the North American economic environment with emphasis on the construction industry.
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