Press releases 2003

Volvo Aero Military Programs has signed an MoU (Memorandum of Understanding) with General Electric Aircraft Engines, GEAE, to enter into a collaboration agreement on the F414 engine for MAKO.

The first optimised fabricated turbine rear frame for the new ANTLE technology engine has been delivered from Volvo Aero. The aim is to cut costs by 30% and weight by 10% for the new rear frame.

Volvo Trucks has signed a Joint Venture agreement with China National Heavy Truck Corporation, CNHTC, for production of trucks. The registered capital in the joint venture company amounts to 600 million RMB, 60 MEUR, which is split equally between the two parties. Production is planned to commence by the end of this year.

In a press release on May 26, 2003, Volvo announced a public offer to Bilia's shareholders regarding Bilia's truck and construction equipment operations, Kommersiella Fordon i Europa AB (KFAB).

Volvokoncernen är åter Sveriges största företag. Med en årlig omsättning på nära 180 miljarder placerar sig Volvo med god marginal som nummer ett på listan över Sveriges största företag.

Volvo Penta is providing the engine power on board the unique newbuilding, the East Indiaman Götheborg, which was launched on June 6, 2003. A total of five diesel engines from Volvo Penta provide the machine plant in the well-known sailing ship.

Volvo Trucks has today presented yet another new truck model.The investment in the new model amounts to about one billion Swedish kronor, largely focused on an entirely new 16-litre engine. The new Volvo FH16 is the most powerful, comfortable and safe truck that Volvo Trucks has ever built. The Volvo FH16 is tailor-made to streamline transport operations within the EU, where extended vehicle rig lengths and higher gross combination weights are a crucial step.

Volvo Trucks North America, Inc. honored the top sales professionals from its dealer network at its 2003 Volvo Master Sales Leader conference in Cancun, Mexico earlier this month. Volvo also named its MSL dealerships of the year for the U.S. and Canada.

Volvo announces a public tender offer for the trucks and construction equipment businesses of Bilia (KFAB). By exchanging its holding in Bilia's car business for an increased ownership in Bilia's trucks and construction equipment businesses, Volvo increases its focus on core business.

Jay Roszell, currently President of Volvo CE North America, has decided to resign from his position to pursue a long-term ambition of moving to the distribution side of the business. He will assume responsibility for the Alabama, Georgia and Tennessee branches of LB Smith.