Business Services Industry
Volvo Construction Equipment invests in 70% stake in Chinese manufacturer
Nordic Business Report, Sept 27, 2006
NORDIC BUSINESS REPORT-27 September 2006-Volvo Construction Equipment invests in 70% stake in Chinese manufacturer(C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com
Volvo Construction Equipment, part of the Swedish Volvo Group, said on Wednesday (27 September) that it has agreed to acquire a 70% holding in Chinese company Shandong Lingong Construction Machinery Company.
Shandong Lingong Construction Machinery, based in the Shandong province in China, manufactures construction machinery and has a comprehensive dealer network throughout China. The company has 1,800 employees and reported a turnover of CNY2.9bn in 2005.
"This is a long term strategic investment which will put Volvo CE in a very strong position in China's construction equipment market," said Tony Helsham, President and CEO of Volvo CE.
"The cooperation with Lingong is a significant step in our China vision and global strategy. It allows us to strengthen our position, serving customers with different offerings beyond our current premium products," Helsham added.
The deal is subject to regulatory approval and no financial details have yet been released.
One Chinese yuan Renminbi (CNY) is worth approximately 0.07 British pounds (GBP).
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