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As part of its strategic effort to focus on the core business, the Volvo Group has agreed to sell Volvo Rents to the US private equity firm Platinum Equity for approximately SEK 7.2 billion. At closing, net financial debt in the Volvo Group’s Industrial Operation is expected to be reduced by the same amount. The transaction is expected have a negative impact on the Group’s operating income of approximately SEK 1.5 billion in the fourth quarter of 2013. A pre-requisite for completion of the transaction is that Platinum Equity is successful in a debt offering to be made to finance its acquisition. Volvo CE 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.