Volvo sells aerospace to GKN Group to focus on heavy commercial vehicles
Recently, Volvo Group (ABVolvo) announced that it will sell Volvo Aero to UK GKN Group for 6.9 billion Swedish kronor (about 980 million U.S. dollars), and the transaction will be completed in the third quarter after obtaining the approval of the relevant agencies.
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After the separation of Aerospace, Volvo’s net debt will be reduced by 5 billion Swiss francs. Excluding the impact of depreciation on deferred assets as prescribed in the International Accounting Standards (approximately 200 million kroons), it is expected that the Volvo Group will receive a capital gain of approximately 400 million kroner from the transaction, which will generate approximately 200 million yuan of operating profit for the Group in the third quarter. The positive influence of Krone.
In November 2011, Volvo began to look for Volvo Aerospace to find a new owner that will help it develop in the industry.
Volvo Group President and CEO Euro-Paysen said that GKN can provide the best conditions in the industry for the future development of Volvo Aerospace.
Euro-Pays also said that after the separation of Aerospace, Volvo Group will further adjust the framework and focus more on the core business of heavy commercial vehicle business.
GKN Group is an engineering group that provides services for the automotive, aerospace, and land systems markets. In 2011 GKN Group had sales of 6.1 billion pounds, of which 1.5 billion pounds came from GKN Aerospace.
The Volvo Group is Sweden's largest industrial enterprise group and specializes in trucks, passenger cars, construction equipment, marine and industrial application drive systems, and aero-engine components. Its 2011 net sales amounted to CHF 310 billion, an increase of 17% year-on-year, and operating income of CHF 26.9 billion. The Volvo Group sold its auto company to Ford Motor Company in 1999 and was later acquired by China Zhejiang Geely Holding Group.