Volvo Construction Equipment is selling its British dealership business to SMT.
SMT is the Volvo dealer for Benelux and 18 African countries. It is taking over all distribution rights for Volvo-branded construction equipment machines, parts and aftersales servicing in England, Scotland and Wales.
It is also taking over Volvo Construction Equipment Great Britain’s headquarters in Duxford and most other assets. All employees in the business will transfer as well and the existing management structure will remain in place.
The deal was signed on 4t July 2017 and is now followed by an employee consultation period. The takeover is expected to take effect on 31 August 2017.
Martin Weissburg, president, Volvo CE said: “Volvo CE’s distribution in Great Britain is now in the hands of an independent and strategically aligned distribution partner, led by an experienced leadership team. This move supports the general transformation program that is improving the long-term competitiveness of Volvo CE.”
SMT is part of the SDA Holding group and had revenues in 2016 of $397m.