Volvo buys 70% of China's machinery maker Lingong
(Reuters)
Updated: 2006-09-27 16:44
Swedish trucks and engineering group Volvo said on Wednesday its construction
equipment division had agreed to buy 70 percent of Chinese construction
machinery manufacturer Shandong Lingong.
"This is another important step
in Volvo's growth strategy for China and Asia," Volvo Chief Executive Leif
Johansson said in a statement.
The Swedish company said Lingong was based in Linyi in Shandong Province and
had a turnover of about US$250 million. (For more biz stories, please visit Industry Updates)
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