Sweden's Volvo AB will sell its Japan-based UD Trucks business to Isuzu Mot...
TOKYO/STOCKHOLM - Sweden’s Volvo AB will sell its Japan-based UD Trucks business to Isuzu Motors in a deal worth around $2.3 billion, exiting a low-margin business and boosting its cash pile as competition for high-tech trucking heats up.
Volvo said the transaction will add to its operating income by about SEK 2 billion and increase its net cash by SEK 22 billion. “This is a way to focus the business to where they are strong and making good money, and at the same time exit with a small gain,” Handelsbanken Capital Markets analyst Hampus Engellau told Reuters.
For Isuzu, a specialist in diesel engine technology, the partnership will give access to Volvo’s electric truck technology, which has already been deployed in distribution and waste disposal trucks.
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