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Regulatory News:
Volvo Aero has acquired the composite company Applied Composites
AB (ACAB) in Linkoping, which currently has approximately 70
employees. The aim of the acquisition is to use ACAB and its
technology to develop and manufacture aircraft engine components in
composite materials, which are significantly lighter than the
comparable parts in metal.
"The acquisition is part of our investment in lightweight
technologies, which will result in reduced fuel consumption and,
consequently, lower emissions from aircraft," explains Olof Persson,
President of Volvo Aero.
As a consequence of the acquisition, Volvo Aero will invest
approximately SEK 50 M in research and development within the area of
composites during the next 18 months.
ACAB, which is expected to report sales in 2007 of SEK 110 M and
operating income of SEK 13 M, was founded in 1988 and is a leading
company in development and production of advanced composite products.
The company has military and commercial customers.
Volvo Aero intends to immediately establish a new operation that
will develop and manufacture certain selected aircraft engine
components in composite materials. These components will be
significantly lighter than comparable components in metal and will
then significantly influence the fuel consumption and, thereby its
carbon dioxide emissions.
"Lightweight technology is already one of our focused areas. Our
goal is to become a world leader in lightweight structures. For that
reason, it feels natural that we take this step by utilizing the broad
and deep knowledge within ACAB," says Olof Persson.
The new operation at ACAB will start work immediately. As a
result, recruitment of personnel for the development side of the
operation will begin at once.
Torgny Stenholm, who previously held the position of Vice
President Space Markets and Programs at Volvo Aero, has been appointed
new President of ACAB. Torgny Stenholm will assume his position at
year-end. Former President Bjorn Thundal will be a member of ACAB's
Board of Directors.
Facts about ACAB
Prior to the acquisition, ACAB was owned by Tibia Konsult AB
(67%), among other holders.
The parties have agreed not to disclose the purchase price. The
transaction has a marginal effect on the Volvo Group's profitability,
net financial position and earnings per share.
The acquisition was implemented on December 10. Since then, ACAB
is a wholly owned subsidiary of Volvo Aero. Currently, there are no
plans to change the name.
Volvo Aero develops and manufactures components for aircraft and
rocket engines with a high technology content in cooperation with the
world's leading producers. Volvo Aero offers an extensive range of
services, including sales of spare parts for aircraft engines and
aircraft, sales and leasing of aircraft engines and aircraft, as well
as overhaul and repair of aircraft engines. Volvo Aero is part of the
Volvo Group (NASDAQ:VOLV) (STO:VOLVA) (STO:VOLVB), one of the world's
leading manufacturers of trucks, buses and construction equipment,
drive systems for marine and industrial applications, aerospace
components and services. The Group also provides complete solutions
for financing and service.
This information was brought to you by Cision
http://newsroom.cision.com
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