Volvo Buys Into Chinese Wheel Loader Manufacturer
Volvo Construction Equipment said it has signed an agreement to make a 70% equity investment in China’s Shandong Lingong Construction Machinery Co. Volvo CE's investment in Lingong is subject to regulatory approval.
Lingong, based in Linyi in
Lingong has approximately 170 dealers, a network of service agencies and 10 parts outlets in
Both parties have agreed not to reveal any financial details before the closing of the deal, which is expected to take place in the near future.
“It allows us to strengthen our position, serving customers with different offerings beyond our current premium products,“ said Tony Helsham, president and CEO of Volvo CE. “At the same time, we will continue to develop and produce our high end Volvo wheel loaders in our facilities in