Volvo AB’s construction- equipment unit said it bought Textron Inc.’s skidsteer tool-loader business as the Swedish company expands its non-truck business.
Financial details weren’t disclosed. The acquisition will add “an important line of products to Volvo CE’s compact offering and reinforce the recently launched rental initiative,” Volvo said in a statement on Waymaker newswire.
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Volvo Construction Equipment is expanding through acquisitions and cooperation agreements. The company said last month that it was in talks with Komatsu Ltd., the second-largest maker of construction equipment, to cooperate on making parts. The division said yesterday it bought the telescopic handler business from UpRight Inc.
A skidsteer loader is a tool carrier used across a wide range of construction applications, the company said. The total worldwide market is about 90,000 units per year, Volvo added.
Bloomberg
