AB Volvo buys Chinese vehicles business for about SEK 1.1 billion By Reuters
© Reuters. FILE PHOTO: The logo of Swedish truck maker Volvo is pictured at the IAA truck show in Hanover, September 22, 2016. REUTERS/Fabian Bimmer
STOCKHOLM (Reuters) – Swedish truck maker AB Volvo said on Monday it had struck a deal to by Chinese JMC Heavy Duty Vehicle Co. Ltd., a subsidiary of Jiangling Motors Co. Ltd, for about 1.1 billion Swedish crowns ($125.7 million).
The acquired business, which includes a manufacturing sitein Taiyuan, China, and Volvo said in a statement it aimed to start production of its new heavy-duty Volvo FH, Volvo FM and Volvo FMX trucks there at the end of next year.
($1 = 8.7506 Swedish crowns)
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