Volvo Group has decided to discontinue the process to divest the Governmental Sales business area.
“Our Governmental Sales operation has a positive development and a strong order book. We have previously announced our intention to divest this business, but the offers we have received do not reflect its value. We have therefore decided to discontinue the divestment process”, says Jan Gurander, Deputy CEO and CFO at Volvo Group.
Governmental Sales account for approximately1.5% of Volvo Group’s total sales. The business, which has about 1,300 employees, most of whom are in France, manufactures and sells specially designed vehicles to governments, the defense industry, peacekeeping forces and aid organizations.
The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Volvo Group, which employs about 95,000 people, has production facilities in 18 countries and sells its products in more than 190 markets. In 2016 the Volvo Group’s sales amounted to about SEK 302 billion (EUR 31,9 billion). The Volvo Group is a publicly-held company headquartered in Göteborg, Sweden. Volvo shares are listed on Nasdaq Stockholm.