Additional personnel reductions within the Volvo Group

Additional personnel reductions within the Volvo Group

As a result of the sharp decline on world markets for heavy vehicles, the Volvo
Group is being forced to implement new personnel reductions within its Swedish
operations. A total of 1,543 employees are affected when Volvo Trucks, Volvo
Construction Equipment, Volvo Penta and Volvo Powertrain today announced new
layoffs.

Volvo Trucks is serving notice of termination of employment to 655 unionized
employees at the company's facilities in Göteborg and Umeå.

As a result of a reorganization and cost-efficiency measures, Volvo Construction
Equipment is laying off 125 administrative personnel at the plants in
Eskilstuna, Hallsberg and Braås. In addition, 100 contracted consultants will
leave the company.

Volvo Penta's downsizing affects 108 employees, of which 56 unionized employees
and 52 administrative employees, at the facilities in Göteborg and Vara.

Volvo Powertrain is laying off 655 employees, of which 55 administrative
personnel and 600 unionized employees, at the facilities in Skövde and Köping.

“We are conducting ongoing discussions with the unions regarding shortening of
the workweek and view being able to implement parts of these notices with such a
solution as positive. These agreements are then made locally and are aligned
with the needs of the operations,” says Stefan Johnsson, Senior Vice President
responsible for human resources within Volvo's Group Executive Management.

April 22, 2009

For further information, please contact:
Mårten Wikforss, AB Volvo, +46 31 66 11 27 or +46 705 59 11 49

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AB Volvo (publ) may be required to disclose the information provided herein
pursuant to the Securities Markets Act. The information was submitted for
publication at 11.00 a.m. CET, 22 April, 2009.


The Volvo Group is one of the world's leading manufacturers of trucks, buses and
construction equipment, drive systems for marine and industrial applications,
aerospace components and services. The Group also provides complete solutions
for financing and service. The Volvo Group, which employs about 100,000 people,
has production facilities in 19 countries and sells their products in more than
180 markets. Annual sales of the Volvo Group amount to about SEK 300 billion.
The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden.
Volvo shares are listed on OMX Nordic Exchange Stockholm. Please visit
www.volvogroup.com for more information.