Volvo Construction Equipment Closes Deal With Lingong
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[01/19/2007] STOCKHOLM, Sweden--Volvo Construction Equipment (Volvo CE) has received all necessary regulatory approvals for the earlier announced equity investment of 70% in Shandong Lingong Construction Machinery Co, Ltd (Lingong), a major construction machinery manufacturer in China and the deal is now closed.
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STOCKHOLM, Sweden--Volvo Construction Equipment (Volvo CE) has received all necessary regulatory approvals for the earlier announced equity investment of 70% in Shandong Lingong Construction Machinery Co, Ltd (Lingong), a major construction machinery manufacturer in China and the deal is now closed.
“We are delighted to move forward in our partnership with Lingong. Lingong’s management, brand, R&D center, manufacturing base, distribution and suppliers are important elements in Volvo CE's growth strategy”, said Tony Helsham, President and CEO of Volvo CE . “This cooperation secures Lingong’s future. Volvo’s advanced technology, management and global distribution will be key factors in the development of our company”, added Wang Zhizhong, Chairman of Lingong.
Volvo CE has invested RMB 327.5 million in exchange for 70% of the equity in Lingong. In 2005 Lingong’s operating income was RMB 10.2 million on revenue of RMB 2 billion. The deal has no material impact on Volvo’s financial position.
“We are delighted to move forward in our partnership with Lingong. Lingong’s management, brand, R&D center, manufacturing base, distribution and suppliers are important elements in Volvo CE's growth strategy”, said Tony Helsham, President and CEO of Volvo CE . “This cooperation secures Lingong’s future. Volvo’s advanced technology, management and global distribution will be key factors in the development of our company”, added Wang Zhizhong, Chairman of Lingong.
Volvo CE has invested RMB 327.5 million in exchange for 70% of the equity in Lingong. In 2005 Lingong’s operating income was RMB 10.2 million on revenue of RMB 2 billion. The deal has no material impact on Volvo’s financial position.
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