Volvo: EU Funding for Competence Enhancement

STOCKHOLM--Regulatory News:

“Industrikompetens i väst”, a jobcentre project specialising in industrial jobs and involving Volvo Cars, AB Volvo and several suppliers, has been granted 18 million kronor by the European Social Fund (ESF). The funds are earmarked for competence enhancement.

Through increased cooperation, the project aims both to enhance the employees’ competence and the relevant companies’ competitiveness in Västra Götaland County. The project also aims to create structures for continued training in joint programmes involving all the participating companies.

The training programmes will be held at Göteborg Technical College, which is also the project applicant. About 3000 people are expected to be given the opportunity to further improve their competence thanks to this project.

The training programmes will cover five areas: efficient production systems, electrics and electronics, diversity and equal opportunities, new technical developments, and basic competence in core curriculum subjects.

Over and above these 18 million kronor, the participating companies will be adding their own investments. The total budget for the project is thus 27 million kronor.

February 26, 2010

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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 90,000 people, has production facilities in 19 countries and sells their products in more than 180 markets. In 2009 annual sales of the Volvo Group amounted to about SEK 218 billion. The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on OMX Nordic Exchange Stockholm. For more information, please visit www.volvogroup.com or www.volvogroup.mobi if you are using your mobile phone.

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