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Job losses at Federal
Federal-Mogul has announced more than 1,100 job losses among its salaried workforce, amounting to over 8% of the current payroll. A company spokesperson said that a further 200 positions, which were currently open, would also be eliminated. The moves are a response to difficult conditions in the components sector and the automotive market as a whole. FederalMogul is to give details of the savings expected from the cuts together with its first-quarter earnings report in April. The company has been struggling in the wake of an aggressive acquisition programme, which has left it heavily indebted.
Volvo truck go-slow
Volvo has warned of further restructuring and production stoppages in its truck division after February orders fell 18% in North America and 7% in Europe. Tryggve Stehn, president of Volvo Global Trucks, commented, "We are continuously adapting the capacity to the market …