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Volvo to cut thousands of jobs

Vehicle maker AB Volvo said its profits fell by 37% in the fourth quarter and it will lay off 4,400 employees in 2014, including the previously announced reduction of 2,000.

Volvo's chief executive Olof Persson said in a statement today the job cuts will affect employees worldwide.

Mr Persson said the cuts will help Volvo utilise its resources more effectively and are a consequence of the transformation the company is undergoing.

Volvo said fourth-quarter net profit fell by 37% to 548 million kronor (£51.5 million) from 869 million kronor a year earlier. Sales for the period rose by 8% to 76.6 billion kronor from 70.8 billion in the fourth quarter 2012.

AP

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