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Constantinou Construction Machinery
PO Box 12774
28 Tripoleos Street
Tel: +357 22 48 12 36
Fax: + 357 22 34 50 53
E-mail: Please contact us with this email form
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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.
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.
In spite of weak demand, especially in the mining sector, and unfavorable currency development, Volvo Construction Equipment (Volvo CE) showed good operating margin in Q3, thanks to effective cost control and inventory management.
Volvo Construction Equipment's CEO Pat Olney, has decided to leave his current assignment. Olney will remain as CEO for the rest of year before returning to the U.S. for a job at a major engineering firm whose activities do not compete with Volvo. Efforts to designate his successor has begun.
Austrian newcomer Johannes Unger has claimed the Volvo Construction Equipment Operators Club European title 2013 in spectacular style and by just 19 seconds from Swiss nine-time finalist Ueli Hunziker. Germany's Michael Rosendahl took the final step on the podium, just 22 seconds clear of Austria’s Martin Moser in fourth.
In a further example of divesting, where appropriate, company-owned dealers to well-financed independent distribution partners, Volvo Construction Equipment has sold its dealership interests in Austria, Bosnia-Herzegovina, Croatia, the Czech Republic, Hungary, Moldova, Romania, Slovakia and Slovenia to the Ascendum Group.