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  • Claes Eliasson

    Head of Media Relations, Volvo Group


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    AB Volvo finalizes sale of Volvo Aero

    AB Volvo has finalized the sale of Volvo Aero to the global engineering company, GKN, for the equivalent of SEK 6.9 billion on a debt-free basis. The transaction was finalized after receiving approval from the appropriate authorities.The sale is expected to generate a positive nonrecurring effect on operating income of SEK 300 M in the “Corporate functions and other” segment in the fourth quarter, net after reversed depreciations. Financial net debt will be reduced by approximately SEK 5 billion in the fourth quarter. As a step in further streamlining the Volvo Group toward commercial

    AB Volvo divests Volvo Aero to British GKN for SEK 6.9 billion

    AB Volvo divests the Group’s subsidiary Volvo Aero to the global engineering company GKN for an enterprise value of SEK 6.9 billion. “GKN is a strong new owner for Volvo Aero,” says Volvo’s CEO Olof Persson. “GKN will provide Volvo Aero with the best possible conditions for continued advancement in its industry.” The transaction is scheduled for completion during the third quarter of 2012.The transaction is expected to generate a capital gain corresponding to approximately SEK 400 M, not taking into consideration the effect of deferred depreciation of assets related to Volvo Aero in

    AB Volvo evaluates the possibility of divesting Volvo Aero

    As a step in further streamlining the Volvo Group towards commercial vehicles, AB Volvo has initiated a process aimed at divesting Volvo Aero.“One of the prerequisites for a transaction being implemented is that a divestment could enable Volvo Aero to enter into a structure that would enhance the company’s opportunities for further development in its sector,” says Volvo CEO Olof Persson. “Another requirement is of course that we are paid a reasonable price. We are currently conducting talks with a number of potential buyers, but these are still at an early stage and no definite decisions

    Volvo Aero signs important agreement regarding participation in the new PurePower® PW1100G engine for the Airbus A320neo family

    Volvo Aero has signed an agreement with the aircraft engine manufacturer Pratt & Whitney regarding its participation in Pratt & Whitney’s PurePower PW1100G engine. Volvo Aero will develop and manufacture two important components for the new PW1100G engine designed for the A320neo family, an updated version of the Airbus A320.The PW1100G engine is a part of Pratt & Whitney’s Next Generation Product Family of engines which contain geared turbofan technology. Volvo Aero has previously participated in a technology and development project with Pratt & Whitney on the Geared Turbofan (GTF)

    Volvo Aero becomes sole owner of Volvo Aero Norge in Kongsberg, Norway

    Volvo Aero is acquiring all Pratt & Whitney’s shares in Volvo Aero Norge and hence becomes sole owner of the company.Volvo Aero bought approx. 66% of the total shares in what was then Norsk Jetmotor AS in Kongsberg back in 1999. Shortly after this, Volvo Aero increased its share of the company by acquiring approx. 12% owned by French engine manufacturer Snecma. Volvo Aero now becomes sole owner of Volvo Aero Norge after the American company United Technologies Corporation, acting through its Pratt & Whitney division, accepted an offer for its share in the company, equating to approx. 22%

    Volvo Aero Norway signs agreement with Snecma, Safran group concerning continued cooperation on CFM56

    In conjunction with the international Paris Air Show, Volvo Aero and the French engine manufacturer Snecma signed an agreement stating that Volvo Aero Norway will supply components for the new, enhanced engine for the Boeing 737 aircraft, the CFM56-7BE. As Snecma is Volvo Aero Norway’s single largest customer, this agreement is of great important to Volvo Aero Norway.The CFM56 engine produced by CFM International, a 50/50 joint company between Snecma (Safran group) and General Electric Company is a real big seller, the most sold engine worldwide of all time. It was also the CFM56 that

    The Swedish government invests in Ariane - Volvo Aero’s space operations saved

    The Swedish government has decided that Sweden will continue to participate in the European launch-vehicle program. This means that Volvo Aero’s space operations in Trollhättan will be saved and can continue to advance. “The government’s proposal is very positive. This means that we will maintain our leading position in nozzles and turbines for space rockets,” says Staffan Zackrisson, President of Volvo Aero.Since 2008, the threat has lingered heavily over Volvo Aero’s space operations, with its approximately 150 employees. The government is now proposing continued financing for the

    Changes in Volvo’s Group Executive Committee

    Olof Persson, 44, will assume the position as president of Volvo Construction Equipment on November 1, 2008. He replaces Tony Helsham, 54, who will remain in the Volvo Group Executive Committee with a responsibility to support the growth of soft products in the Group. Olof Persson is currently president of Volvo Aero. He will, as of the same date, be replaced by Staffan Zackrisson, who is presently head of Marketing, Programs and Sales in Volvo Aero.“I am convinced that Olof Persson, with his extensive international career, is very well suited to take over the responsibility as President of

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