UAW members approve new agreement with Mack Trucks

Members of the U.S. trade union, the United Auto Workers, have approved the new 40-month Master Agreement with the Volvo Group’s subsidiary Mack Trucks. The agreement includes the establishment of an independent trust that will completely eliminate Mack’s commitments for providing healthcare to retired employees. As previously announced, this will have a negative impact of approximately USD 110 M on the Volvo Group’s operating income during the second quarter of 2009 and a negative impact of the same amount on net debt.