Volvo Construction Equipment agreed to sell its 70% stake in China-based Shandong Lingong Construction Machinery to a fund mainly owned by the Lingong Group for 8 billion Swedish kronor.
The move stemmed from a need to "re-focus" amid rising competition, Melker Jernberg, head of Volvo CE, said in a Tuesday news release.
The transaction is expected to be completed in the second half of 2025, subject to regulatory approvals and other conditions.
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