Complete divestiture of Volvo Rents
The previously announced divestiture of Volvo Rents was completed on Jan. 31 2014.
The $1.1 billion price is expected to have a positive impact on the group’s cash flow and net financial debt within the industrial operation in the first quarter of 2014 with the same amount.
Volvo Rents, formed in 2001, offers rental of a comprehensive range of machines intended for the construction and engineering industry, including Volvo CE products. Volvo Rents has operations in the U.S., Canada and Puerto Rico and has about 2,100 employees.
All of Volvo Rents’ employees will remain with the company as it is sold. Volvo Rents’ customers will not be affected by the transaction, and Volvo Construction Equipment will continue to sell products to Volvo Rents under the new ownership.
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