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  • Claes Eliasson

    Head of Media Relations, Volvo Group


    +46 76-553 72 29
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    Provision for expected credit losses for Volvo CE in China

    Volvo Construction Equipment’s operating income for the fourth quarter of 2014 will be negatively impacted by approximately SEK 650 M from a provision for expected credit losses in China. The provision will have limited impact on the Volvo Group’s cash flow and net financial debt in the fourth quarter 2014.Following an extended period of declining demand, low machine utilization and lower raw materials prices, profitability for customers and dealers primarily in the Chinese mining industry has declined and their financial position has weakened. The risk for future credit losses has

    Volvo CE transfers backhoe loaders and motor graders to SDLG to improve profitability

    As part of the Volvo Group’s ongoing activities to improve profitability and reduce costs, Volvo Construction Equipment will discontinue development and production of its current product line of Volvo-branded backhoe loaders and motor graders. In the future, these products will instead be manufactured by Volvo CE’s Chinese company SDLG.As communicated in conjunction with the report on the third quarter of 2014, further cost-saving measures will be implemented in Volvo Construction Equipment (Volvo CE) to adapt the cost structure and to address the profitability of certain products. A review

    AB Volvo to sell Volvo Rents in North America

    As part of its strategic effort to focus on the core business, the Volvo Group has agreed to sell Volvo Rents to the US private equity firm Platinum Equity for approximately SEK 7.2 billion. At closing, net financial debt in the Volvo Group’s Industrial Operation is expected to be reduced by the same amount. The transaction is expected have a negative impact on the Group’s operating income of approximately SEK 1.5 billion in the fourth quarter of 2013. A pre-requisite for completion of the transaction is that Platinum Equity is successful in a debt offering to be made to finance its

    Martin Weissburg new President of Volvo CE

    Martin Weissburg, 51, has been appointed new President of Volvo Construction Equipment, Volvo CE. Weissburg is currently President of the Volvo Group’s customer finance company, Volvo Financial Services, VFS, and a member of the Group Executive Team. He will assume his new position on January 1, 2014, and replaces Pat Olney.Martin Weissburg has been the President of VFS since 2010, and prior to that he served as President of Volvo Financial Services Americas from 2005 to 2010. Within his position at VFS, Weissburg has worked in close relationship with Volvo CE dealers for many years and has

    Pat Olney leaves Volvo Construction Equipment

    Mr. Pat Olney, currently President of Volvo Construction Equipment, has decided to leave his position to take up a new challenge in a non-competing, large engineering company based in the U.S.A. Pat Olney will remain in his present position until year end.Mr. Olney, aged 44, joined Volvo CE in 1996 and has held a number of top management positions in Finance, Operations and General Management before he became the President of Volvo CE in 1 May 2011. “I have had a long and rewarding career with Volvo, and for that I will always be grateful. As such, this was not an easy decision. I have

    Pat Olney new CEO of Volvo CE

    Effective 1 May, Mr Patrick Olney, 42, has been appointed new President and CEO of Volvo Construction Equipment. Mr Olney has an extensive experience spanning 17 years in the Construction Equipment industry, with 10 of these in senior management roles within Volvo CE.During 2001 – 2004 he was the CFO of Volvo CE, and was then appointed President of Volvo Motor Graders, a position he held until becoming President of Volvo Road Machinery in 2007. Since 2009 he has been Executive Vice President and Head of Operations at Volvo CE. This position includes all global manufacturing as well as

    JCB and Volvo Construction Equipment Sign Framework Agreement on Skid Steer & Compact Tracked Loaders

    JCB and Volvo Construction Equipment have entered into a framework agreement under which they will cooperate on the engineering and manufacturing of skid steer loader and compact tracked loader products for distribution under their respective brands and through their respective global dealer networks.It is envisaged that the first mono boom Volvo branded machines will be in production at JCB’s Savannah, Georgia facility by year end 2010. Volvo Construction Equipment will then transition skid steer loader models over time from its Pederneiras facility in Brazil. John Patterson, Deputy

    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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