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Volvo has reached an agreement with Ingersoll Rand to acquire the assets of the company�s road development division, a world-leading manufacturer of heavy equipment for road construction and soil compaction. Operations also include material handling equipment.
�I am pleased that we can continue to expand our successful construction equipment business and the acquisition gives Volvo Construction Equipment a world-leading position within heavy road construction equipment,� says Volvo CEO Leif Johansson. �This acquisition is strategically important since it will improve the overall competitiveness of Volvo CE as a full-range supplier of construction equipment.� The global market for road construction equipment is projected to grow substantially. Volvo hopes to expand in this market and the acquisition complements current operations by sharply strengthening Volvo�s presence in equipment for road construction work. The acquired business includes a full range of heavy compactors, asphalt pavers and milling machines and provides favorable growth possibilities.
In addition, the acquisition includes 20 dealerships in North America and distribution companies in Europe and Russia.
�Strategically, the acquisition of Ingersoll Rand Road Development fits exceptionally well with Volvo�s current operations within motor graders and positions Volvo as a full-range manufacturer of heavy road construction equipment�, says Tony Helsham, President of Volvo Construction Equipment. �Geographically, the purchase also fits Volvo CE very well and provides attractive growth possibilities by capitalizing on the common dealer network in North America, Europe and Asia.� Ingersoll Rand�s division for road development, with headquarters in Shippensburg, Pennsylvania in the US, has about 2,100 employees. In 2006 the operations reported sales of USD 864 M and operating income of USD 101 M. The operations have manufacturing units in the US, Germany, India and China. (Images provided by Volvo.)
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