Volvo to acquire Ingersoll Rand's road development division for 1.3 bln usd |
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Published
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Tue, 27 Feb 2007 09:01
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STOCKHOLM (AFX) - AB Volvo said it has reached an agreement with Ingersoll Rand to acquire the assets of the company's road construction and soil compaction equipment division for 1.3 bln usd or approximately 9.2 bln skr in cash.Volvo said synergies at operating profit level, mainly attributed to sales and distribution, are estimated at 600 mln skr annually and will be achieved within a five-year period.'This acquisition is strategically important since it will improve the overall competitiveness of Volvo Construction Equipment as a full-range supplier of construction equipment,' Volvo chief executive Leif Johansson said.Ingersoll Rand's division for road development has about 2,100 employees. In 2006, the operations reported sales of 864 mln usd and operating income of 101 mln usd.Closing of the transaction is expected during the second quarter 2007, Volvo said.TF.TFN-EuropeStockholm@thomson.comhc/ambCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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