Key Developments: AB Volvo (VOLVY.PK)
14.45USD
19 Jun 2013
$-0.24 (-1.63%)
$14.69
$14.69
$14.69
$14.39
15,626
24,783
$15.82
$10.38
Latest Key Developments (Source: Significant Developments)
Volvo AB's Board Proposes Dividend
Volvo AB announced that the board of directors have proposed a dividend of SEK3 per share. Full Article
Volvo AB and Malardalen University to Collaborate
Volvo AB announced that the Volvo Group has appointed Malardalen University a Preferred Research Partner in the areas of production and embedded systems. Malardalen University previously collaborated with Volvo Construction Equipment and other parts of the Volvo Group on a variety of projects. The new agreement creates a long-term approach that makes it easier to take more joint research initiatives in the future. The collaboration is focused on the production and embedded systems such as used in vehicles to control, regulate or control the various functions. Full Article
Dongfeng Motor Group Co Ltd Announces Joint Venture With Volvo AB
Dongfeng Motor Group Co Ltd announced that on January 26, 2013, the Company entered into the Cooperation Master Agreement with Volvo (AB Volvo） for the establishment and operation of the Commercial Vehicles Co, a capital joint venture with Volvo. Pursuant to the Equity Transfer Agreement under the Cooperation Master Agreement,the Company has agreed to dispose and Volvo has agreed to purchase 45% of the Company's equity interest in the Commercial Vehicles Co for a consideration of approximately RMB5,608,000,000 (equivalent to approx HKD6,991,493,600).Immediately after the completion of the disposal, the Commercial Vehicles JVCo shall have a registered capital of approximately RMB 9,200,000,000, of which 55% and 45% shall be attributable to the Company and Volvo respectively. The respective rights and obligations of the Company and Volvo in connection with the joint venture company are regulated by the Joint Venture Contract under the Cooperation Master Agreement. The Commercial Vehicles JVCo is established under the cooperation between the Company and Volvo to develop medium and heavy duty commercial vehicles under the DONGFENG brand and to enhance the DONGFENG brand value and position. Upon completion of the Equity Transfer Agreement, the Commercial Vehicles Co shall be a 55%-owned subsidiary of the Company and its accounts shall be consolidated into the accounts of the Company. Full Article
Volvo AB Updates on Restructuring Changes-Dow Jones
Dow Jones reported that Volvo AB announced that the Volvo Group will record costs of approximately SEK 600 million in the fourth quarter of 2012 related to the previously announced reorganization of the European sales organization for trucks. The total cost for the entire reorganization, when announced in the report for the third quarter 2012, was estimated at SEK 900 million. The remaining costs are expected to be incurred in the first half of 2013. Full Article
Volvo AB to Close Down Ota Remanufacturing Plant
Volvo AB announced that it has 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 million related to these activities will be recorded in the fourth quarter of 2012, affecting the truck segment. Full Article
Volvo AB Cuts Production-Reuters
Reuters reported that Volvo AB is scaling back production in North America after tough economic conditions saw its truck shipments fall 15% in November 2012. The Company, which sells trucks under the Eicher, Mack, Renault and UD Trucks brands as well as its own name, announced that deliveries in its biggest market, Europe, fell 13% in November 2012 year-on-year and were down 27% in North America. The Company also announced that it was cutting production of Volvo-branded trucks in North America. North American deliveries for its Mack brand were also down sharply in November 2012, hit by fewer production days and concerns about the so-called "fiscal cliff" of automatic tax hikes and spending cuts in the United States. Shipments also fell 15% in Asia and decreased 12% in South America. Full Article
Volvo AB Partners Center for Research into Traffic Safety in China
Volvo AB announced that it is one of five partners behind a new center for research into traffic safety in China that was inaugurated on December 18, 2012 in Beijing. The China Sweden Research Center for Traffic Safety signals closer cooperation between Sweden and China in the field of transportation. In China, traffic safety has emerged as an increasingly important issue for both the Chinese government and the general public. When Sweden's Minister for Enterprise Annie Loof visited China in May 2012, the Swedish and Chinese governments signed a letter of intent regarding a joint research facility for traffic safety. The China Sweden Research Center for Traffic Safety was inaugurated and will conduct research projects with the aim of improving road safety both in Sweden and in China. Pilot projects are already under way, including some whose focus is on studying accidents in China involving trucks and buses. The research center also aims to boost the exchange of technology and knowhow between the two countries and to support the two governments' decisions on issues relating to traffic safety. The other partners in addition to AB Volvo are Volvo Car Group, Chalmers University of Technology, the Chinese Ministry of Transport's Research Institute of Highways and Tongji University. Full Article
Volvo AB Updates on Renault s.a.s.'s Divestiture of All of Volvo AB Shares and Announces Conversion of Series A Shares to Series B Shares
Volvo AB announced that on December 13, 2012, Volvo AB received a request for the conversion of 110,048,945 Series A shares to Series B shares. Furthermore, Volvo AB's main shareholder, Renault s.a.s., announced that the company has divested all of its shares in AB Volvo through the sales of 138,604,945 Series A shares on the stock market. Following the execution of the request and taking other requests for conversions and executed conversions since December 1, 2012, into account, there will be a total of 2,128,420,220 registered shares in Volvo AB. Of these 546,544,375 are Series A shares and 1,581,875,845 Series B shares. The number of votes in the Company will once the conversion is concluded amount to 704,731,960 based on the number of registered shares. Excluding treasury shares owned by Volvo AB, the number of votes will amount to 676,002,504. Full Article
Renault SA Sells Its Remaining Stake in Volvo AB
Renault SA announced the completion of the institutional private placement of 138,604,945 Series A shares of Volvo AB, its entire stake in the Series A shares, representing 6.5% of the share capital and 17.2% of the voting rights in Volvo AB, at a price of SEK 92.25 per share. The proceeds from the transaction amounted to SEK 12.78 billion. Full Article
Volvo AB's Unit WirelessCar Receives Order from Sprint
Volvo AB announced that its unit WirelessCar was selected by Sprint to be a key technology provider in the launch of their Sprint Velocity Program. As an integral part of Sprint’s ecosystem, WirelessCar helped to build and implement an end-to-end global solution targeted to the connected vehicle industry. As a technology provider, WirelessCar delivers the backend telematics components that integrate and aggregate content, services and applications with focus on embedded, vehicle-related features, including diagnostics, and remote services, such as door lock/unlock. Core to this role is the integration within Sprint Velocity’s ecosystem and that of the automotive OEMs. The financial details were not disclosed. Full Article
Volvo truck shipments slide 9 pct yr/yr in May
STOCKHOLM, June 17 - World number two truck maker Volvo said on Monday shipments of its trucks fell 9 percent year-on-year in May as lingering weakness in its two biggest markets - Europe and North America - eclipsed a steady upturn in South America.
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