Competitors have come and gone, but the Volvo Group, from its relatively modest beginnings in the 1920s, has developed from a local industrial company to a global Group and one of the world's largest manufacturers of heavy trucks, buses, construction equipment, marine engines and engine components for the aircraft and aerospace industry.
In 1999, the Volvo Group sold Volvo Cars to the Ford Motor Company.
The Group's position in the area of trucks was further consolidated with the acquisition of Renault Trucks and Mack Trucks in 2001, and our roots branched off to both France and the US. During 2006 and 2007 the Volvo Group acquired the japanese truck manufacturer Nissan Diesel. Also in early 2007, an agreement was reached regarding the acquisition of Ingersoll Rand's road development division.
Furthermore, the acquisition of 70% of the shares in Lingong, one of China's largest makers of wheel loaders, was finalized. The last ten years we have also undergone rapid growth in the service area with, for example, financial solutions supporting the sales of the manufacturing business units.
With a unified corporate culture, we stand on very firm ground as we continue to work to achieve our vision: To be valued as the world's leading supplier of commercial transport solutions.