Volvo considering sale of Volvo Rents equipment rental business, Bloomberg reports
| May 24, 2013 |
Volvo is considering the sale of its North American construction equipment rental business, according to a new report from Bloomberg.
Companies and private-equity firms are reportedly interested in buying the business, named Volvo Rents. The business may be worth between $1 billion and $1.5 billion, according to two sources that spoke to Bloomberg under anonymity.
At this point no final decision to sell have been made.
Volvo Rents operates 130 stores in North America. The company is said to be exploring the sale of the business “as it shifts its focus to profitability from sales growth.”
The article notes Volvo’s 2011 stated aim to top the heavy equipment industry in operating margins.