Companies News / Industrial
The Market Quotes Powered By Forexpros, the Forex, Futures, and Stock Markets Portal.
Volvo Heavy equipment Chief tracks strong growth in machineryTuesday, 27 March 2012
Strong global growth will give their construction equipment a boost, according to Patrick Olney, president of Volvo Construction Equipment, which according to current industry tracks growth in annualized revenues of Skr25 billion.
Canadian Patrick Olney, president of the construction equipment company, Volvo Construction Equipment, thinks of the current industry situation as that his company's annual revenue will increase from Skr65 billion to Skr90 billion.
"We see a long-term driver of growth from year to year throughout the world. It is driven by public investment in infrastructural development and private investment in increased exploitation of natural resources, "he told the Swedish business daily, Dagens Industri.
The strongest trend he sees coming from emerging markets, Russia, Brazil and China, but he also flagged that some African countries will grow significantly.
To meet the supposedly high demand, company is investing Skr1 billion in emerging countries and Skr1 billion in Europe.
Increased competition from price squeezing Chinese companies is being addressed by a new Chinese brand, Shangdong Lingong, which has a slightly lower price than Volvo's traditional products.
By Scancomark.se Team
What do you think about this article or us? Please leave a comment. Thank you!