Volvo 2013 Annual Report Download - page 75

EVENTS AFTER BALANCE SHEET DATE
Chinese authority approved joint venture
between Volvo Group and Dongfeng
Motor Group
On January 7, 2014 the National Development
and Reform Commission (NDRC) in China gave
its approval of the establishment of a joint ven-
ture between the Volvo Group and Dongfeng
Motor Group Company Limited (DFG). Comple-
tion is subject to certain conditions including
the approvals of other Chinese authorities. As
previously announced, AB Volvo has signed an
agreement with DFG to acquire 45% of a new
subsidiary of DFG, Dongfeng Commercial Vehi-
cles (DFCV), which will include the major part of
DFG’s medium- and heavy-duty commercial
ve hi cles business.
AB Volvo divested Volvo Rents
in North America
As part of its strategic effort to focus on the
core business, the Volvo Group in December
agreed to sell Volvo Rents to the US private
equity fi rm Platinum Equity for approximately
SEK 7.0 billion. The transaction had a negative
impact on the Group’s operating income of
SEK1.5 billion in the fourth quarter of 2013. The
transaction was completed at the end of January
and as a consequence net fi nancial debt in the
Volvo Group’s Industrial Operation was re duced
THE FOURTH QUARTER
11/10/2013 Invitation to press and analyst conference in Stockholm 16/10/2013 Volvo Group to optimize truck manufacturing in Europe 21/10/2013 Chinese glaciologist and
climate scientist awarded the Volvo Environment Prize 21/10/2013 Pat Olney leaves Volvo Construction Equipment 25/10/2013 Volvo Group – the third quarter 2013 31/10/2013
New number of votes in AB Volvo 11/11/2013 Girls make up more than half of the Volvo Step’s student group this year 18/11/2013 Martin Weissburg new President of Volvo CE
19/11/2013 The Volvo Group introduces vocational training schools in Africa 20/11/2013 Truck deliveries in October 2013 22/11/2013 Montréal to Become City of Electro Mobility
29/11/2013 New number of votes in AB Volvo 29/11/2013 Change in Volvo’s Group Executive Team 02/12/2013 Successful joint venture behind strategic launch of Eicher Pro
Series 04/12/2013 Volvo Group presents details on the fi nancial effects of the strategy program 09/12/2013 Volvo Construction Equipment set to acquire hauler business from
Terex 10/12/2013 AB Volvo to sell Volvo Rents in North America 16/12/2013 Reporting dates for AB Volvo 2014 18/12/2013 Truck deliveries in November 2013 30/12/2013
New number of votes in AB Volvo
by SEK 7.0 billion. Volvo CE will continue to sell
products to Volvo Rents under the new owner-
ship.
Reduction of white-collar personnel
In the autumn of 2013 a Group-wide effi ciency
program based on activities related to the
implementation of the Group’s strategies was
an nounced. The program will be implemented
in 2014 and 2015. In the report for the fourth
quarter 2013, which was published on February
6, 2014, it was announced that the detailed
analysis of the consequences of the program
was fi nished and that approximately 4,400
white-collar employees and consultants will be
affected by personnel reductions, including the
previous ly announced 2,000 within staff and
group support functions. White-collar employees
worldwide will primarily be reduced in Group
Trucks Operations, Group Trucks Technology,
Group Trucks Sales and Marketing EMEA, IS/
IT, Finance and Human Resources. The majority
of the personnel reductions will be implemented
during 2014.
Detailed information about the events is available
at www.volvogroup.com
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