Volvo CE to sell ABG paver business to Ammann Group
Deal expected to close in 1H ’24
Volvo Construction Equipment is set to sell its global ABG paver business to Swiss mechanical engineering company Ammann Group.
The deal, set to close in the first half of 2024, will include Volvo’s ABG paver production and technology center in Hameln, Germany, according to a Volvo Construction Equipment (Volvo CE) release. Approximately 400 employees with Volvo CE will transition to Ammann.
The paver business generated 1.1 billion SEK ($107.4 million) in revenue in 2022. Volvo Group expects the transaction to have a negative impact of $63.5 million on its construction equipment operating income in the fourth-quarter of 2023.
Editor’s Note: All figures have been converted to U.S. dollars.
This article was written using ChatGPT. Equipment Finance News uses published and nonpublished material, including press releases and transcripts of live interviews, to generate AI-produced content. All AI-produced content is reviewed by EFN editors.
Proud Member Of
Check Out Our Industry Event
