Volvo's Powertrain scraps job cuts after pay deal

Newswire

STOCKHOLM, May 29 (Reuters) - World number two truckmaker Volvo said on Friday its Powertrain parts unit would withdraw redundancy notices for 600 workers in Sweden after striking a deal with unions on cutting work hours and pay. Volvo said in a statement the deal, which firmed up preliminary agreement, would see hours cut by 20 percent and pay by a maximum of 8 percent. A number of manufacturers in Sweden, including Volvo's rival Scania , have struck similar deals in recent months as a ...

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