After a period of employee consultation, the Swedish construction machinery manufacturer has sold its UK operations to Services Machinery & Trucks Ltd, a new subsidiary of long time distribution partner SMT Holdings SA.
The previously announced deal, signed on 4th July, was followed by a period of employee consultation, and became effective on 31st August. The sale includes the distribution rights for Volvo-branded construction equipment machines, parts and aftersales in Great Britain, as well as Volvo Construction Equipment Great Britain’s headquarters in Duxford, Cambridgeshire, its nationwide operations, most other assets and the transfer of all employees. The existing management structure remains in place.
SMT is already Volvo’s distributor in the Netherlands, Belgium and Luxembourg, as well as 18 African nations, including Algeria, Morocco and Nigeria. Part of the SDA Holding group, SMT had revenues in 2016 in excess of €350m.