Volvo Group has completed the divestiture of its North American rental business Volvo Rents to California-based Platinum equity.
The deal, which was finalised on 31 January 2013, is worth $1.1bn in total, and includes all Volvo Rents operations in the United States, Canada and Puerto Rico. Volvo Rents operations in other parts of the world will remain unaffected.
Volvo chiefs decided to divest the North American rental division in a bid to positively impact the Group’s cashflow and net financial debt.
Volvo Group and Platinum Equity have confirmed that all Volvo Rents’ employees will remain with the company as it is sold, and customers will remain unaffected by the transaction. Volvo Construction Equipment will continue to sell products to Volvo Rents under its new ownership.
