Press releases 2008

10/23/2008 Volvo Construction Equipment gives notice of redundancy to 850 employees in Sweden

Volvo Construction Equipment, that earlier this autumn announced a notice of redundancy to 500 employees in Sweden, is today giving notice to an additional 850 employees in Sweden. This is due to the slow down of the global construction equipment market.

10/13/2008 Volvo Aero’s lightweight technology passed the important Fan Blade Out test

The important testing of Volvo Aero composite technology in EU’s VITAL environmental project has been successful.

10/13/2008 Volvo Group again ranked as Sweden’s most attractive employer among engineering graduates

For the second consecutive year, the Volvo Group has been chosen as Sweden’s most attractive employer by the country’s young engineers, according to Universum’s annual Career Barometer survey. Strong corporate culture and international career possibilities are factors differentiating the Volvo Group from other companies and which contribute to the Group’s continued top ranking.

10/10/2008 US Environmental Protection Agency recognizes Mack for reduction in emission of greenhouse gases

At a meeting in Chicago last Wednesday, the US Environmental Protection Agency (EPA) recognized the Volvo Group’s US subsidiary Mack for the company’s successful efforts in significantly reducing the emission of greenhouse gases.

10/9/2008 Invitation to press and tele conference

Volvo hereby invites the media to a press conference on Friday, October 24 in conjunction with the release of the Volvo Group’s report on the third quarter 2008.

10/1/2008 Volvo Buses has sold body plant in Turku

Volvo Buses has sold the body plant in Turku, Finland. The sale is part of the company’s efforts to enhance the efficiency of the European operations.

9/30/2008 Volvo CE to move motor grader business as part of North American consolidation plan

Volvo Construction Equipment (Volvo CE) will move the majority of its motor grader activities currently located in Goderich, Ontario, Canada, to the company’s facility in Shippensburg, Pennsylvania, USA. Volvo CE will incur an estimated restructuring cost of approximately 45 MUSD, which will be recorded in the third quarter of 2008.

9/30/2008 Volvo Trucks reduces capacity in the European production system

Volvo Trucks is taking measures to downsize capacity in its European production system to meet the declining demand for trucks in the European market. As a consequence, the company will initiate negotiations with the unions regarding staffing level cutbacks of approximately 1,400 employees at the company’s plants in Ghent in Belgium, and Gothenburg and Umeå in Sweden. A cost-reduction plan will also be implemented to meet the lower sales levels and increasing raw material cost.

9/24/2008 Volvo launches the market’s first commercially viable hybrid bus

For the first time there is now a commercially viable hybrid bus on the market, the Volvo 7700 Hybrid. With up to 30% lower fuel consumption and hybrid components from Volvo, bus operators can earn a payback on the extra cost in only five to seven years.

9/23/2008 Volvo Aero Services and Boeing extend partnership agreement

Volvo Aero Services Corp and The Boeing Company [NYSE: BA] have extended a marketing and distribution partnership agreement, originally established in 1999, for an additional 10 years. Within the agreement, Volvo Aero Services will continue to provide multiple asset management services to support the distribution of quality aircraft parts for a wide range of Boeing aircraft models. In addition, Volvo Aero Services has been awarded the rights to manufacture and distribute Boeing proprietary parts.

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