Pressreleaser 1997

Four different research groups will share the 1997 Volvo Low-Back Pain Award for the best medical research in this field.

Volvo Excavators AB in Eslöv has today advised the County Labor Board that 250 people will be served with redundancy notices at the company's plant in Eslöv, southern Sweden. It is intended that the workforce will be reduced by 130 persons during 1997 and by a further 120 in 1998. Currently, the plant has a total of 961 employees.

Volvo's outgoing CEO Sören Gyll focused a major portion of his address at the Annual General Meeting, held on April 23, 1997, on a description and analysis of Volvo Cars' competetive position.

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Volvo Trucks is extending its presence in Korea. The establishment of a wholly-owned subsidiary, Volvo Truck Korea Ltd, will make it possible to create a distribution structure throughout the country to reach sales of some 400 trucks by the year 1998. During the summer of 1997, the Volvo FH Series will be introduced in Korea.

The building of the Volvo Trucks plant in India began today, when the foundation stone was unveiled by Mr Sören Gyll, CEO of the Volvo Group, and Mr R V Deshpandi, Minister for Industries of the Indian state of Karnataka.