Volvo Trucks Asia 360 - 4

AB Volvo has announced that it has completed the acquisition of 45 percent of Dongfeng Commercial Vehicles Co. (DFCV), to become one of the world’s largest manufacturers of both medium-duty and heavy-duty trucks.

“This strategic alliance is a real milestone and entails a fundamental change in the Volvo Group’s opportunities in the Chinese truck market, which is the largest in the world. At the same time, it will provide us with the opportunity to become involved in growing DFCV’s international business in a manner that will benefit us and our Chinese partner.” said Volvo’s President and Chief Executive Officer Olof Persson.

The deal was announced earlier in January of 2013, when AB Volvo signed an agreement with Dongfeng Motor Group Company Limited (DFG), to acquire 45 percent of a subsidiary of DFG, Dongfeng Commercial Vehicles Co., Ltd (DFCV), which includes most of it’s operations in heavy-duty and medium-duty commercial vehicles.

The acquisition is said to amount about RMB5.5 billion.

 



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