First quarter 2000
All business areas reported higher sales and net sales for the Group rose 13%. Operating income amounted to slightly more than SEK 1.4 billion, also up 13%. Income per share was SEK 2.90. On April 25 we reached an agreement in principle with Renault to acquire Renault's truck operations, RVI/Mack, in exchange for 15% of the shares in AB Volvo. The acquisition is expected to yield savings of about SEK 3.5 billion annually after two years and an additional SEK 3 billion long term thereafter. Combined with stronger global presence, this increases our growth potential and creates conditions for added value for customers, employees and shareholders.