(Repeating to clarify is US's Volvo Cars not Swedish Volvo AB considering job cuts)
BRUSSELS (Thomson Financial - Ford Motor Co-owned Volvo Cars could shed 500 to 1,000 jobs at a plant in Ghent, in northern Belgium, because the weak dollar is hurting exports to the US, a company spokesman said.
'There's plans to cut three teams, which could lead to 500 jobs being cut,' Volvo spokesman Mark De Mey told Agence France-Presse, adding that 'some people are even talking of 1,000'.
'Difficulties on the American market due to the dollar's weakness have led us to consider these measures,' he said.
The US currency slumped to an all-time low yesterday, when the euro jumped to 1.4814 dollars on concerns about the US economy.
In reaction, the company aims to ramp down production from 220,000 units annually to 203,000.
'We told the unions last week, but the final decision will only be taken in the coming days,' De Mey said. antonia.vandevelde@thomson.com afp/ava/ra/ejp/ejp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
