Volvo takes Shandong stake

Volvo Construction Equipment has signed a deal to take a 70% stake in Shandong Lingong Construction Machinery Company, based in eastern China?s Shandong province.

Volvo Construction Equipment has signed a deal to take a 70% stake in Shandong Lingong Construction Machinery Company, based in eastern China’s Shandong province.

The deal is part of Volvo’s long-term strategy to gain a strong position in China’s construction equipment market.

Lingong Construction Machinery Company had a turnover of US $250 million (RMB2 billion) in 2005.

The company has around 1,800 employees.

China is the world’s largest market for wheel loaders.

Lingong is the fourth largest producer of wheel loaders in China with a market share of around 11% in 2005.

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