Volvo has wrapped up a $1.34-billion deal to buy the road development equipment division of Ingersoll Rand (IR), which builds soil and asphalt compactors, asphalt pavers and milling machines, as well as material handling equipment such as telescopic handlers and rough terrain forklifts.
IR’s road equipment division, which employs about 2,000 people, operates factories in the U.S., Germany, India and China. It posted sales of $864 million last year, with operating profit topping $101 million.
Volvo said it has received the necessary approvals from the relevant authorities and other permits required to conclude this acquisition on May 1 from all the countries involved, except India, which is expected to follow shortly.
