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Truck Maker Volvo Signs agreement with DEUTZ to Look at Extending Cooperation into Asia

Thursday, 05 April 2012
Swedish truck maker Volvo AB (VOLV-B.SK) said Thursday it has signed a memorandum of understanding with DEUTZ AG (DEZ.XE) to look at extending their long-term cooperation on jointly developing medium-duty engines for off-road applications.

The plan is to explore possibilities of establishing a single joint venture in China. The investment in the production of medium-duty engines for construction equipment will be part of the deal, Volvo writes in a press release.

The agreement is non-binding and any implementation requires both companies to agree on final terms and conditions in a binding contract.  Volvo's shares closed Thursday at Skr90.50.
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