Volvo's $1.3-Billion Bid for Ingersoll Unit Would Bring Larger Piece of the Pavement
Volvo has decided to buy its way into the $4-billion-a-year roadbuilding equipment business with a $1.3-billion cash offer for Ingersoll-Rand’s road group. Volvo CE President Tony Helsham says it “fits exceptionally well.”
The two companies expect to close the sale in the second quarter. It would make Volvo one of the top producers of heavy equipment in the world, with an estimated $6.4 billion in annual revenue. It also would give the firm a hefty, 37% share of the North American paving equipment market.