Volvo 2012 Annual Report Download - page 61

points, was presented in detail at the Capital Mar-
ket Day on September 25.
Volvo Buses to consolidate the manufac-
ture of complete buses in Europe
On October 3, Volvo Buses announced plans to
concentrate its European production of complete
buses to the main plant in Wroclaw, Poland.
Production at the plant in Säffle, Sweden, will be
terminated at end June 2013.
New organization for the truck dealer
networks in Europe, the Middle East
and Africa
On October 10, the Volvo Group announced that it
as of January 1, 2013 introduces a new organiza-
tion for its truck dealer networks in Europe, the
Middle East and Africa (EMEA). The reorganiza-
tion aims to capitalize more effectively on oppor-
tunities for the Group’s brands and products in
line with the new truck strategy.
Full lineup of Volvo Group trucks in the US
earns 2014 greenhouse gas certification
On December 12, 2012 the Volvo Group
announced that the US Environmental Protection
Agency (EPA) and National Highway Traffic
Safety Administration (NHTSA) had certified all
Volvo Group truck models in the US, both Mack
and Volvo branded, in accordance with 2014 fuel
efficiency and greenhouse gas regulations.
Renault s.a.s. divests entire holding
in AB Volvo
On December 13, 2012, AB Volvo received a
request for the conversion of 110,048,945
Series A shares to Series B shares. Furthermore,
AB Volvo’s largest shareholder, Renault s.a.s.,
announced that the company had divested all of
its shares in AB Volvo through the sales of
138,604,945 Series A shares on the stock market.
In connection with Renault’s divestment, Industri-
värden increased its holding and at year-end was
the largest owner with 6.5% of the outstanding
number of shares (19.5% of the votes). Norges
Bank Investment Management also increased its
holding and at year-end was the second largest
owner based on capital with 4.9% of the out-
standing number of shares (5.1% of the votes).
Consolidation of the Volvo Group indus-
trial operation in Japan
On January 11, 2013 the Volvo Group announced
that it had decided to consolidate its industrial
operation in Japan in order to improve the overall
efficiency. In May 2013 the Ota remanufacturing
plant will be closed and the operation moved to
Ageo, the main plant in Japan. The project also
includes cleaning of the land, demolishing of old
and outdated buildings as well as moving or
phasing out equipment for old products. In total,
costs corresponding to SEK 280 M related to
these activities were recorded in the fourth quarter
of 2012, affecting the truck segment.
Events after balance sheet date
Strategic alliance with Chinese company
Dongfeng Motor Group
On January 26, 2013 AB Volvo announced that
it had signed an agreement with the Chinese
vehicle manufacturer Dongfeng Motor Group
Company Limited (DFG) to acquire 45% of a
new subsidiary of DFG, Dongfeng Commercial
Vehicles (DFCV), which will include the major
part of DFG’s medium- and heavy-duty commer-
cial vehicles business. At completion of the
transaction, the Volvo Group will become the
world’s largest manufacturer of heavy-duty trucks.
Completion of the transaction is subject to certain
conditions, including the approval of relevant
Volvo has issued a corporate governance report
which is separate from the annual report and
which is found on pages 74–88.
anti-trust agencies and Chinese authorities. The
purchase consideration amounts to RMB 5.6
billion. The ambition is to complete the transaction
as soon as possible and completion is expected
to take place within approximately 12 months
from signing.
Detailed information about the events is available
at www.volvogroup.com
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