Lingong Group to acquire a 70% stake in SDLG from Volvo for SEK8bn.

Lingong Group, a Chinese manufacturer specializing in construction and mining equipment, agreed to acquire a 70% stake in SDLG, an international construction equipment manufacturer and service provider, from Volvo, a manufacturer of trucks, buses and construction machinery, for SEK8bn. "SDLG has served us well since 2006. However, with increasing competition, and the need to transform to new technologies as well as strengthen interaction with customers, we need to re-focus. China remains an important market for us, and we aim to capitalize on our opportunities by focusing on sustainable solutions in targeted segments. We also plan to leverage the excellent industrial system in China," Melker Jernberg, Volvo CE President.