Business Services Industry
Volvo Construction Equipment completes acquisition in China
Nordic Business Report, Jan 19, 2007
NORDIC BUSINESS REPORT-19 January 2007-Volvo Construction Equipment completes acquisition in China(C)1994-2007 M2 COMMUNICATIONS LTD http://www.m2.com
Volvo Construction Equipment (Volvo CE), part of the Swedish Volvo Group, said on Friday (19 January) that it has received all necessary regulatory approvals for the earlier announced equity investment of 70% in Shandong Lingong Construction Machinery Co Ltd (Lingong), a construction machinery manufacturer in China.
The deal is now closed, the company said.
Volvo CE has invested CNY327.5m in exchange for 70% of the equity in Lingong.
In 2005 Lingong's operating income was CNY10.2m on revenue of CNY2.0bn.
Headquartered in Brussels, Belgium and with around 10,000 employees, Volvo CE develops, produces and markets equipment for construction and related industries. Volvo CE is part of the Volvo Group.
Volvo Group is headquartered in Gothenburg in Sweden. The group has 82,000 employees in more than 185 countries, and annual sales of over EUR20bn. Volvo is listed on the Nordic Exchange in Stockholm and on the NASDAQ.
One British pound (GBP) is worth approximately 15.42 Chinese yuan Renminbi (CNY).One British pound (GBP) is worth approximately 1.49 euros (EUR).
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