Press releases 2008

The Board of Directors of Volvo Bus Finland Oy has decided to initiate negotiations with representatives of the employees with the intention to close the bus body plant in Tampere. It is also about to reorganize operations at the body plant in Turku to increase the competitiveness. In total, approx. 300 employees could be affected.

AB Volvo’s Annual General Meeting will take place on Wednesday, April 9, 2008 at 3.00 PM CET at Lisebergshallen in Göteborg.

The Election Committee of AB Volvo expects to present its proposal to the Annual General Meeting regarding composition of board in the week starting March 10.

The Volvo Group is investing slightly more than SEK 330 M in a new concept for reducing emissions and improving quality in connection with the function testing of newly produced engines. Use of the new technology will reduce emissions by approximately 85 percent.

Total deliveries of trucks from the Volvo Group’s four truck companies amounted to 20,856 in January this year, which is an increase of 49%, compared with January 2007. Excluding Nissan Diesel, which was not part of the Volvo Group in January 2007, deliveries increased 22%.

Today, the Swedish government approved a request for special permission to drive on public roadways with fatigued drivers. This decision means that Volvo Trucks’ work with a safety system that alerts tired drivers can enter the final phase. Fatigue and inattentiveness, as well as alcohol, are the most common causes of traffic accidents.

Volvo Treasury AB (publ) has decided to issue a EUR 120 million bond loan under its EMTN (Euro Medium Term Note) programme. The bond loan will be issued on February 26th, 2008 with a maturity in May, 2009. The bond loan has a floating interest rate.

Solely in the EU, goods are stolen from trucks each year amounting to about SEK 75 billion and the number of thefts is rising all the time. In addition to the costs to society and the shipping companies of the thefts they result in the driver environment becoming increasingly insecure and vulnerable.

Mikael Bratt, Head of Corporate Finance at AB Volvo, has been appointed new Chief Financial Officer of the Volvo Group. Bratt will assume his new position immediately and succeed Pär Östberg, who is assuming responsibility for the Group’s Asian truck operations in conjunction with the retirement of Jorma Halonen on April 1 this year.

Magnus Carlander, 52, has been appointed new President of Volvo Information Technology. Carlander has been a member of Volvo IT’s management group since 1998 and his duties have included responsibility for the development of IT support for the Volvo Group’s administrative services.