Volvo launches efficiency programme

STOCKHOLM, Sept 24 Tue Sep 24, 2013 7:25am EDT

STOCKHOLM, Sept 24 (Reuters) - Sweden's Volvo said on Tuesday it would launch a group-wide efficiency programme that it saw generating 4 billion crowns ($627 million) in annual savings with full effect by the end of 2015.

Volvo said in a statement it would book the bulk of restructuring costs, which it saw at around 5 billion crowns, in 2014.

"The program encompasses both reduction of white collar employees and consultants and efficiency enhancements in the global industrial system," Volvo said. ($1 = 6.3844 Swedish crowns) (Reporting by Anna Ringstrom, Editing by Alistair Scrutton)

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