Volvo signs final agreement with Indian vehicle manufacturer Eicher
2008年5月26日 - 4:45PM
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Regulatory News: The Volvo Group has signed a final agreement with
the Indian vehicle manufacturer Eicher Motors covering
establishment of a new Indian joint-venture company. As announced
previously, the joint venture, with the proposed name VE Commercial
Vehicles Ltd. comprises Eicher Motors' entire truck and bus
operations and the Volvo Group's Indian truck sales operations and
service network for trucks and buses. In accordance with the
agreement, Eicher Motors transfers its entire truck and bus
operations and its components business as well as operations within
technical consulting services to VE Commercial Vehicles. Eicher
Motors' production of motorcycles will not be included. As
announced earlier, Volvo will have direct ownership of 45.6% of the
joint-venture company. Volvo is also acquiring 8.1% of Eicher
Motors Limited from the majority owner and consequently gains a
direct and indirect ownership interest of 50% in VE Commercial
Vehicles. The Volvo Group will pay a total of SEK 1 840M for the
50% direct and indirect ownership of the joint-venture company. SEK
1 510M is provided the joint venture in cash and the remaining SEK
330M comprises a SEK 220M payment for the 8.1% in Eicher Motors
Limited and SEK 110M in consideration for a competition clause in
which Eicher Motors Limited and its majority owner undertake not to
compete with the joint-venture company or its operations. In
addition, Volvo is transferring its Indian truck dealer network and
its Indian truck and bus service network to the joint-venture
company. "This agreement provides a very solid platform for further
growth on the Indian market for heavy trucks, which is the fourth
largest in the world," says Par Ostberg, member of the Volvo Group
Executive Management and responsible for the Group's Asian truck
operations. "India is investing heavily in improving its
infrastructure and together with Eicher we have highly favorable
conditions to further strengthen our position on the Indian
market." Among other aspects, the transaction is conditional on
approval of the requisite authorities and the goal is to complete
the transaction so that Volvo's 50% interest in the joint-venture
company can be consolidated during the third quarter of this year.
Short term, the transaction is expected to have only marginal
effect on the Volvo Group's profitability, financial position and
earnings per share. The operations within Eicher Motors intended to
be transferred to the joint-venture company reported sales in the
fiscal year ended March 31, 2008 of some SEK 3.3 billion and
operating income of about SEK 135 M. May 26, 2008 For reporters who
want more information, please contact Marten Wikforss, +46 31 66 11
27 or +46 705 59 11 49 Visit
http://www.thenewsmarket.com/volvogroup to access
broadcast-standard video from Volvo Group. You can preview and
request video, and choose to receive as a MPEG2 file or by Beta SP
tape. Registration and video is free to the media. AB Volvo (publ)
may be required to disclose the information provided herein
pursuant to the Securities Markets Act. The information was
submitted for publication at 07.30 a.m. May 26, 2008. The Volvo
Group is one of the world's leading manufacturers of trucks, buses
and construction equipment, drive systems for marine and industrial
applications, aerospace components and services. The Group also
provides complete solutions for financing and service. The Volvo
Group, which employs about 100,000 people, has production
facilities in 19 countries and sells their products in more than
180 markets. Annual sales of the Volvo Group amount to about SEK
285 billion. The Volvo Group is a publicly-held company
headquartered in Goteborg, Sweden. Volvo shares are listed on OMX
Nordic Exchange Stockholm. This information was brought to you by
Cision http://newsroom.cision.com Regulatory News: The Volvo Group
has signed a final agreement with the Indian vehicle manufacturer
Eicher Motors covering establishment of a new Indian joint-venture
company. As announced previously, the joint venture, with the
proposed name VE Commercial Vehicles Ltd. comprises Eicher Motors�
entire truck and bus operations and the Volvo Group�s Indian truck
sales operations and service network for trucks and buses. In
accordance with the agreement, Eicher Motors transfers its entire
truck and bus operations and its components business as well as
operations within technical consulting services to VE Commercial
Vehicles. Eicher Motors� production of motorcycles will not be
included. As announced earlier, Volvo will have direct ownership of
45.6% of the joint-venture company. Volvo is also acquiring 8.1% of
Eicher Motors Limited from the majority owner and consequently
gains a direct and indirect ownership interest of 50% in VE
Commercial Vehicles. The Volvo Group will pay a total of SEK 1 840M
for the 50% direct and indirect ownership of the joint-venture
company. SEK 1 510M is provided the joint venture in cash and the
remaining SEK 330M comprises a SEK 220M payment for the 8.1% in
Eicher Motors Limited and SEK 110M in consideration for a
competition clause in which Eicher Motors Limited and its majority
owner undertake not to compete with the joint-venture company or
its operations. In addition, Volvo is transferring its Indian truck
dealer network and its Indian truck and bus service network to the
joint-venture company. �This agreement provides a very solid
platform for further growth on the Indian market for heavy trucks,
which is the fourth largest in the world,� says P�r �stberg, member
of the Volvo Group Executive Management and responsible for the
Group�s Asian truck operations. �India is investing heavily in
improving its infrastructure and together with Eicher we have
highly favorable conditions to further strengthen our position on
the Indian market.� Among other aspects, the transaction is
conditional on approval of the requisite authorities and the goal
is to complete the transaction so that Volvo�s 50% interest in the
joint-venture company can be consolidated during the third quarter
of this year. Short term, the transaction is expected to have only
marginal effect on the Volvo Group�s profitability, financial
position and earnings per share. The operations within Eicher
Motors intended to be transferred to the joint-venture company
reported sales in the fiscal year ended March 31, 2008 of some SEK
3.3 billion and operating income of about SEK 135 M. May 26, 2008
For reporters who want more information, please contact M�rten
Wikforss, +46 31 66 11 27 or +46 705 59 11 49 Visit
http://www.thenewsmarket.com/volvogroup to access
broadcast-standard video from Volvo Group. You can preview and
request video, and choose to receive as a MPEG2 file or by Beta SP
tape. Registration and video is free to the media. AB Volvo (publ)
may be required to disclose the information provided herein
pursuant to the Securities Markets Act. The information was
submitted for publication at 07.30 a.m. May 26, 2008. The Volvo
Group is one of the world�s leading manufacturers of trucks, buses
and construction equipment, drive systems for marine and industrial
applications, aerospace components and services. The Group also
provides complete solutions for financing and service. The Volvo
Group, which employs about 100,000 people, has production
facilities in 19 countries and sells their products in more than
180 markets. Annual sales of the Volvo Group amount to about SEK
285 billion. The Volvo Group is a publicly-held company
headquartered in G�teborg, Sweden. Volvo shares are listed on OMX
Nordic Exchange Stockholm. This information was brought to you by
Cision http://newsroom.cision.com
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