Flash Facts — June 9

Volvo and Chinese corporation form joint venture

Volvo Trucks announced Monday the company recently signed a joint venture with China National Heavy-Duty Truck Corp. Through the agreement, approximately 10,000 Volvo trucks are expected to be produced annually in eastern China’s Shandong province by the year 2010. The equally-owned company, Jinan Huawo Truck Co., will begin production toward the end of 2003.

Ingersoll-Rand votes to remain in Bermuda
At a company meeting May 29, Ingersoll-Rand shareholders voted against moving the company’s headquarters back to the United States from Bermuda. Approximately 58.6 percent of the votes were against the move, while 41.4 percent wanted to relocate. The company moved to Bermuda from New Jersey in 2001. In Bermuda, companies are not required to pay U.S. taxes on income from foreign subsidiaries.

Tadano to manufacture cranes in China
Through a joint venture with Beijing Jingcheng Construction Machinery, Tadano of Japan plans to manufacture truck cranes in China. Construction of a new factory near the Beijing International Airport is scheduled to begin this month. Full production of cranes will begin January 2004.

Florida Contractors Rentals opens third Volvo Rents center

Florida Contractors Rentals opened its third Volvo equipment rental facility in Florida on Friday. The independently owned and operated center, along with the first two Volvo Rents centers owned by Florida Contractors Rentals, carries Volvo construction equipment and an extensive line of construction and commercial tools. The newest center is located in Palatka, Fla.

Snorkel names executive vice president

Lifting equipment manufacturer Snorkel International appointed Frank Scarborough executive vice president and chief operating officer on May 29. He will be based at company headquarters in Elwood, Kan.

Volvo Rents appoints vice president, North America operations
Volvo Rents appointed Barry Natwick vice president of North America operations on May 23. Natwick, who previously served as the vice president of Global Fleet Management for Volvo Rents, will be based at company headquarters in Asheville, N.C.