Changes in management
Erik Eberhardson, founder and head of business development, has expressed a wish to reduce his operational engagement in the company in order to take part also in other business activities.
Mr. Eberhardson will therefore cede his role as head of business development and will no longer be part of Ferronordic Machines’ executive management. However, Mr. Eberhardson will continue to support the development of the company in his role as vice chairman of the Board, in particular with regard to long-term strategy and contacts with certain important business partners. Mr. Eberhardson also remains one of the largest shareholders in Ferronordic Machines.
About Ferronordic Machines
Ferronordic Machines is the authorized dealer of Volvo Construction Equipment and Terex Trucks in Russia. It is also the official Russian distributor of Dressta. In certain regions of Russia, Ferronordic Machines has also been appointed aftermarket dealer for Volvo and Renault Trucks and dealer for Volvo Penta. Ferronordic Machines began its operations in 2010 and has since then expanded rapidly across Russia. The company is well established in all federal districts with almost 70 outlets and approximately 750 employees. The vision of Ferronordic Machines is to be regarded as the leading service- and sales company in the CIS markets. The preference shares of Ferronordic Machines are listed on NASDAQ OMX First North Premier. The company has appointed Avanza Bank AB as its Certified Advisor.
For more information, please contact:
Ferronordic Machines discloses the information herein pursuant to the Securities Markets Act and/or the Financial Instruments Act. The information was submitted for publication on 26 August 2016, 07:45 CET
Your subscription is now saved and you will receive an e-mail to verify your address and activate your subscription.
Latest press releases
Interim report 1 January – 30 September 2023
Q3 2023: Weak operationally. Key strategically.
Ferronordic expands to the USA – acquires one of the country’s largest Volvo Construction Equipment dealers
Ferronordic has entered into an agreement to purchase Rudd Equipment Company, Inc. (“Rudd”), one of the largest dealers of Volvo CE in the United States with operations in all or parts of nine states. Ferronordic thereby takes its first step to expand into the important US market. The purchase price amounts to USD 95.0m, corresponding to 5.8 x 2022 adjusted earnings before tax. In 2022, Rudd had sales of USD 308.3m with an operating income of USD 16.5m and earnings before tax of USD 16.4m (both adjusted to IFRS). In addition, Ferronordic acquires two real properties for USD 10m, currently rented by Rudd.