Full lineup of Volvo Group trucks in the US earns 2014 greenhouse gas certification
On December 12, 2012 the Volvo Group announced that the US Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) had certified all Volvo Group trucks in the US, both Mack and Volvo branded, in accordance with 2014 fuel efficiency and greenhouse gas regulations.
Renault s.a.s. divests entire holding in AB Volvo
On December 13, 2012, AB Volvo received a request for the conversion of 110,048,945 Series A shares to Series B shares. Furthermore, AB Volvo’s largest shareholder, Renault s.a.s., announced that the company had divested all of its shares in AB Volvo through the sales of 138,604,945 Series A shares on the stock market. In connection with Renault’s divestment, Industrivärden increased its holding and at year-end was the largest owner with 6.5% of the outstanding number of shares (19.5% of the votes). Norges Bank Investment Management also increased its holding and at year-end was the second largest owner based on capital with 4.9% of the outstanding number of shares (5.1% of the votes).
Consolidation of the Volvo Group industrial operation in Japan
On January 11, 2013 the Volvo Group announced that it had decided to consolidate its industrial operation in Japan in order to improve the overall efficiency. In May 2013 the Ota remanufacturing plant will be closed and the operation moved to Ageo, the main plant in Japan. The project also includes cleaning of the land, demolishing of old and outdated buildings as well as moving or phasing out equipment for old products. In total, costs corresponding to SEK 280 M related to these activities was recorded in the fourth quarter of 2012, affecting the truck segment.
Strategic alliance with Chinese company Dongfeng Motor Group
On January 26, 2013 AB Volvo announced that it had signed an agreement with the Chinese vehicle manufacturer Dongfeng Motor Group Company Limited (DFG) to acquire 45% of a new subsidiary of DFG, Dongfeng Commercial Vehicles (DFCV), which will include the major part of DFG’s medium- and heavy-duty commercial vehicles business. At completion of the transaction, the Volvo Group will become the world’s largest manufacturer of heavy-duty trucks. Completion of the transaction is subject to certain conditions, including the approval of relevant anti-trust agencies and Chinese authorities. The purchase consideration amounts to RMB 5.6 billion. The ambition is to complete the transaction as soon as possible and completion is expected to take place within approximately 12 months from signing.