EPIC FAIL SPLIT Feat. Van Damme - Volvo Truck Sales Split
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Volvo Trucks buys half of Dongfeng commercial vehicle.
Volvo car manufacturer may have had some difficulty finding his feet in recent years, since he left the property from Ford, but it is finding its way with a new portfolio of products and ambitious new technology funded new customers to Geely all the while, however, the Volvo truck company to which he belonged was growing steadily Today the group includes former truck divisions of both Volvo, Nissan and Renault, as well as trucks Mack, Prevost and Nova bus and marine engines and industrial operations and Volvo Penta's now adding a company to its growing portfolio.
It would Dongfeng commercial vehicle, the truck division of one of the largest automakers in China The acquisition goes in the opposite direction from the former automotive division of the group, which was acquired by its rival Chinese carmaker Geely in 2010 Volvo Cars is part of the Volvo group until Ford bought in 1999, holding the Swedish automaker under its umbrella for over a decade, until the dismantling Premier automotive group which also included Aston Martin Jaguar Land Rover and Lincoln.
Following the necessary approvals from the Chinese government, the Volvo Group has bought 45 percent of Dongfeng Commercial for 5 5 billion Chinese yuan, equivalent to 885 million euros at the exchange rate today The Volvo Group also includes truckmaker Indian Eicher, Chinese construction equipment manufacturer SDLG and Japan s UD trucks UD old division of Nissan's trucks, the Volvo group already had a joint venture with its new Chinese partner called Dongfeng Nissan-Diesel Company, Dongfeng also sponsoring a boat in the Volvo Ocean Race, you know the companies were already familiar with each other.
ACQUISITION OF VOLVO 45 COMPLETE COMMERCIAL VEHICLE DONGFENG June 1 15.
AB Volvo has completed the acquisition of 45 Chinese automaker Dongfeng Commercial Vehicle Co. Ltd. The purchase price amounted to 5 5 billion RMB.
As previously announced, AB Volvo signed an agreement in January 2013 with the Chinese automaker Dongfeng Motor Group Company Limited GFR 45 to acquire a subsidiary of DFG, Dongfeng Commercial Vehicle Co Ltd DFCV DFCV includes most operations of Dongfeng in heavy taxes and medium duty commercial vehicles.
To implement the operation, a number of conditions had to be met, including the approval of the authority of Chinese competition and other authorities All approvals have been received.
This transaction will significantly strengthen the Volvo Group position in medium-duty trucks while the group will become one of the largest manufacturers of two medium and heavy trucks in the world.
This strategic alliance is a true milestone and involves a fundamental change within the Volvo Group's opportunities in the Chinese truck market, which is the largest in the world, said Volvo President and CEO Olof Persson Simultaneously it will provide us the opportunity to participate in the growth of international business DFCV in ways that benefit us and our Chinese partner.
In 2013, pro forma sales DFCV amounted to 35 billion RMB 37 billion SEK and the pro forma operating profit to 950 million SEK 1 billion RMB Chinese total market for heavy trucks amounted to about 774,000 vehicles in 2013, while the corresponding figure for the market in the medium truck service was 286.000 DFCV vehicles had a leading position in both heavy and medium-heavy segment, with sales of 120,600 heavy trucks and 51,000 duty trucks means, corresponding to the market shares 15 6 and 17 8, respectively.
During the first three quarters of 2014, sales of DFCV amounted to 26 billion RMB 28 billion SEK and the operating result 1 1 billion RMB February 1 billion kronor in the same period sold DFCV 85,000 31,000 heavy and medium duty trucks of 30 September 2014, DFCV had net financial assets of 3 billion RMB June 3 billion kronor in 2014 unaudited.
AB Volvo in DFCV property should be recognized as an associated company and will be consolidated from January 2015, according to the equity method and reported in the truck segment Payment of the purchase consideration will impact cash flow and Group net financial debt during the first quarter of 2015 of approximately SEK 7 billion, however, the purchase price was covered, the net amount paid for the property in DFCV is about 5 to 6 billion crowns Swedish.
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