History
In 1950, AB Volvo bought the machine manufacturer Bolinder-Munktell (BM). In 1973, the company name was changed to Volvo BM AB. During the 1980s and 1990s, a number of American, European and Asian construction equipment manufacturers were purchased. In 1995, the name was changed to Volvo Construction Equipment. Up until 1985 Volvo BM also produced tractors and other agricultural machines; the tractor manufacturing division was sold to Valmet in 1985.
For more information see the Volvo Construction Equipment global history site: http://www.volvo.com/constructionequipment/corporate/en-gb/AboutUs/history/introduction.htm
In February 2007, Volvo announced it had agreed to buy the road construction equipment division of Ingersoll-Rand for $1.3 billion in cash to re-enter the Road Construction market.
The unit manufactures and sells asphalt paving equipment, compaction equipment, milling machines and construction-related material handling equipment and generated net revenues of approximately $850 million for 2006. The sale includes manufacturing facilities in Pennsylvania, Germany, China and India, as well as 20 distribution and service facilities in the U.S. The business employs approximately 2,000 people worldwide.
On December 11, 2009, Volvo announced that it would close its manufacturing facility in Asheville, NC on or before March 31, 2010; resulting in the loss of 228 jobs, and the lack of any construction equipment facilities in the United States outside of Road Machinery. The products built at the Asheville Plant, including wheel loaders and crawler excavators, were transferred to Volvo manufacturing facilities in South Korea and Sweden.
On January 13, 2010, Volvo announced that it would invest 65 million SEK to begin producing crawler excavators in Brazil, taking advantage of government run, low financing options for products built in country.
Beginning in 2010, Volvo announced its new focus entitled "Fit for the Future". Key initiatives include focusing growth and expansion in the "BRIC" countries (Brazil, Russia, India, China). The new focus is set to run through 2012.
Read more about this topic: Volvo Construction Equipment
Famous quotes containing the word history:
“All objects, all phases of culture are alive. They have voices. They speak of their history and interrelatedness. And they are all talking at once!”
—Camille Paglia (b. 1947)
“I am ashamed to see what a shallow village tale our so-called History is. How many times must we say Rome, and Paris, and Constantinople! What does Rome know of rat and lizard? What are Olympiads and Consulates to these neighboring systems of being? Nay, what food or experience or succor have they for the Esquimaux seal-hunter, or the Kanaka in his canoe, for the fisherman, the stevedore, the porter?”
—Ralph Waldo Emerson (1803–1882)
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)