Swedish automotive group Volvo AB said Volvo Car Corp. has halted production at its assembly plant in Thailand because of the crisis in Southeast Asian economies and the unstable currency.
"To begin with, the plant will be shut for 10 weeks, and then we will have to evaluate the situation again," Volvo spokesman Ingemar Hesslefors told The Dow Jones News Service.About 120 people will be temporarily laid off.
Volvo is one of the largest industrial groups in the Nordic region, producing cars, trucks and buses as well as marine and aircraft engines.
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Devaluations have set off sharp declines in currency and stock markets from Malaysia to Thailand and Singapore.