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In a move that will improve the company’s penetration in the core earthmoving segment and extend its presence in light mining, Volvo Construction Equipment has agreed to acquire the off-highway hauler business of the Terex Corporation for a purchase consideration of approx. USD 160 M (approx. SEK 1 billion) on a cash and debt free basis.
The PL3005D from Volvo Construction Equipment is one of the industry’s safest and most productive pipelayers, thanks to its world-class load management system, 360° reach and excavator-conversion capability.
Martin Weissburg, 51, has been appointed new President of Volvo Construction Equipment, Volvo CE. Weissburg is currently President of the Volvo Group’s customer finance company, Volvo Financial Services, VFS, and a member of the Group Executive Team. He will assume his new position on January 1, 2014, and replaces Pat Olney.
Mr. Pat Olney, currently President of Volvo Construction Equipment, has decided to leave his position to take up a new challenge in a non-competing, large engineering company based in the U.S.A. Pat Olney will remain in his present position until year end.
Volvo Construction Equipment brought together dozens of members of the international press to attend its first ever Innovation Forum, an event designed to underscore Volvo’s inherent culture of creativity, invention and advancement.
Weaker sales, especially in the mining industry, weighed on Volvo Construction Equipment’s second quarter results. But positives during the period included operating margin significantly improved compared to the first quarter, signs of stability in the key Chinese market and the launch of its SDLG brand into North America.
Following international positions in Europe and Asia, most recently as Vice President of communications in Asia Pacific, Anne Bast has been assigned to Volvo CE’s Europe, Middle East and Africa organization as Vice President, corporate communications.
From sub-zero conditions to high altitudes and the scorching heat, Volvo Construction Equipment’s Stage IV/Tier 4 Final technology has been through the toughest tests to ensure that the latest generation of Volvo engines deliver maximum performance and reliability.