Volvo Construction Equipment Closes Deal With Lingong.STOCKHOLM, Sweden -- Volvo Construction Equipment Volvo Construction Equipment (originally Volvo BM) is a subsidiary and business area of AB Volvo. Volvo Construction Equipment develops, manufactures and markets equipment for the construction and related industries. (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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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 RMB Right Mouse Button RMB Regional Management Board (USACE) RMB Rolf Maier Bode (musician, band) RMB Ren Min Bi (currency of People's Republic of China) 327.5 million in exchange for 70% of the equity in Lingong. In 2005 Lingong's operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was RMB 10.2 million on revenue of RMB 2 billion. The deal has no material impact on Volvo's financial position. About Volvo CE Headquartered in Brussels, Belgium and with around 10,000 employees, Volvo CE develops, produces and markets equipment for construction and related industries. Its products include a full range of wheel loaders, hydraulic crawler Also known as a "Web crawler," "spider," "ant," "robot" (bot) and "intelligent agent," a crawler is a program that searches for information on the Web. Crawlers are widely used by Web search engines to index all the pages on a site by following the links from page to page. and wheeled excavators, articulated haulers, motor graders, backhoe loaders Backhoe loader, also called a Loader backhoe, and commonly shortened to Backhoe, is an engineering vehicle, which consists of a tractor, fitted with a shovel/bucket on the front and a small backhoe on the back. , compact wheel loaders, compact excavators and skid steer loaders. In 2005, Volvo CE's total sales amounted to SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 34.8 billion. Volvo CE started its Chinese hydraulic excavator ex·ca·va·tor n. An instrument, such as a sharp spoon or curette, used in scraping out pathological tissue. excavator (eks´k manufacturing facility in April 2003 and has so far invested US$ 24 million into this Shanghai located operation. The company employs around 250 people in China. About Lingong Founded in 1972, Shandong Lingong Construction Machinery Co, Ltd is a major Chinese construction machinery manufacturer with total around 1,800 employees. In 2005 its sales reached RMB 2 billion. Lingong develops, manufactures and markets a broad range of products including wheel loaders, excavators, backhoe loaders and road rollers. The company has built a nationwide distribution and service network with approximately 170 dealers, a significant network of service agencies and 10 parts outlets in China. Products are distributed across China and exported to Australia, the Middle East, Malaysia and Mongolia. http://wpy.observer.se/wpyfs/00/00/00/00/00/09/10/E3/wkr0001.pdf This information was brought to you by Waymaker http://www.waymaker.net |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion