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11/4/2016, 11:34 AM (Source: TeleTrader)
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Volvo Group to sell Governmental Sales business

Volvo Group has announced on Friday that it plans to sell its Governmental Sales business. The Swedish truck manufacturer employs nearly 1,300 workers to manufacture and sell custom vehicles for governments and the defense industry. The specialty business makes up roughly 1.5% of total sales.

“There are great opportunities to grow the business even further, however, we believe that a new owner may be better placed to take the business to the next level. Consequently, we intend to start preparations to divest the business,” says Jan Gurander, Deputy CEO and CFO at Volvo Group (pictured).

Volvo Group has a total of 100,000 employees that produce trucks, buses, construction equipment and marine and industrial engines in 18 countries. Shares of the Group trade on the Nasdaq Stockholm in Sweden.

Breaking the News / SM