Volvo is a company originally founded in 1928 in Sweden with the help of the SKF Company. It is a very important manufacturer of trucks, cars, busses and construction machinery in the world. At the beginning of 2002, AB Volvo restructured its heavy equipment division by dividing it into three entities: Renault Trucks, Mack Trucks Inc. and Volvo Trucks. Ud Trucks joined the Volvo group in 2006 to ensure a stronger presence in Asia. The AB Volvo Company also produces generators and engines for the naval industry (Volvo Penta), as well as construction machinery (Volvo Construction Equipment).
Volvo’s automobile division: In the automobile division, SKF’s Sales Director Assar Gabrielson envisioned opening an automobile production facility with SKF as a supplier. In 1925, plans were completed for the development of a car designed by Gustaf Larsson, and Volvo produced 10 models. Once these models were ready in 1926, it was decided that Volvo, a division of SKF, would continue automobile production. SKF previously manufactured ball bearings called “Volvo” (derived from Latin for “I roll”), a name well suited for the new automobile products.
In 1995, Volvo acquired a part of the Canadian Prevost Group (Prevost Car Inc.), which specializes in coach bus fabrication. Nine years later, the group took over this company’s remaining assets. In 1999, the Volvo AB Group sold its automobile division to Ford for $6.5 Billion. In 2010, Ford sold Volvo’s former automobile division to China’s Geely for $1.8 Billion. The transaction was completed in July 2010. In December 2012, Renault, principal shareholder of the group, sold its 6.5% stake in Volvo AB for €1.5 Billion. In December 2013, Volvo sold its North American vehicle-leasing subsidiary for $1.1 Billion.
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