As part of efforts to focus on its core business, the Volvo Group has agreed to sell Volvo Rents to the US private equity firm Platinum Equity for $1.1 billion. Volvo Construction Equipment will continue to sell products to Volvo Rents under the new ownership.
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.
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.
Tennessee based highway contractor, Robert Smith Inc., recently laid more than 49,000 m2 of compacted concrete at a Jack Daniels distillery site.
The Pennsylvania Economic Development Association (PEDA) has honored Volvo Construction Equipment (Volvo CE) for expanding its headquarters in an environmental way and for bringing additional manufacturing to the northeast of the United States.