Volvo increases Deutz shareholding
Volvo bought approximately $163 million shares from Same Deutz-Fahr Group (SDF), paying just over $7 per share. Once the transaction is complete, SDF will own 8.44 percent of shares in Deutz. Volvo will own more than 22 million shares.
This agreement comes on the heels of a non-binding memorandum of understanding Volvo and Deutz signed in April. The memorandum provides the intention to explore the potential to extend the companies’ long-term cooperation through joint development of the next generation of medium-duty engines for off-road applications. It also aims at analyzing the conditions for establishing a joint venture in China for the production of medium-duty engines for off-road applications.
The transaction is scheduled to be finalized in the third quarter of this year. Volvo currently owns 8,097,754 shares in Deutz, corresponding to a 6.7 percent shareholding.
For more information, visit volvogroup.com.
From our partners
Sandvik Construction’s extensive range of rock tools are world renowned for combining advanced materials technology, with skillful design focusing on…
MORE FROM Manufacturers News
SUBSCRIBE & FOLLOW
- U.S. Concrete purchases a New Jersey aggregate operation388 Views
- Southwest Rock Products' Queen Creek plant wins Top Operations contest372 Views
- Thieves derail train in Mexico to steal 70 tons of cement340 Views
- MSHA gives out $8.4 million to 47 states for mine safety and health training334 Views
- Hanson Building Products acquires Minnesota concrete company295 Views