Volvo CE purchased the assets associated with the Volvo construction equipment distribution business of LB Smith, Inc., its distributor for a majority of the East Coast, in May 2003. Volvo CE has, since that acquisition, continued the operations of the former dealer at the existing 31 locations under the name LB Smith to ensure that Volvo customers continue to receive the highest possible standards of product support and service. At the time of the acquisition, Volvo CE announced its intention to divest itself of the business over time.
“The sale of the specific Florida LB Smith marketing territory – one of our most valuable markets – to Flagler Construction Equipment, is the first divestment by Volvo CE of the LB Smith equipment distribution territories,” said Scott Hall, Executive Vice President, Sales and Marketing, Volvo CE. “It is a good example of our intent to find only experienced, financially strong purchasers that have long-term commitments to the continued development of the dealership and its partnership with Volvo CE. Interest in the LB Smith market areas has been strong since our acquisition last year, and we are evaluating each interested party with regard to its commitment to invest in and develop the business consistent with Volvo CE’s long-term goals.”
The process of appointing new dealers for the balance of the LB Smith market territories is on-going.
April 30, 2004
For further information, please contact Klas Magnusson,
Volvo Construction Equipment, + 32 2482 5065
Beatrice Cardon, Volvo Construction Equipment, + 32 2482 5021