Ferronordic publishes annual and sustainability report for 2022
Ferronordic’s annual and sustainability report for 2022 has been published and is available on the Company’s website at www.ferronordic.com.
Ferronordic is a service and sales company of trucks and construction equipment. It is dealer of Volvo Trucks, Renault Trucks and Sandvik mobile crushers and screens in Germany and dealer of Volvo Construction Equipment, Sandvik mobile crushers and screens and Mecalac in Kazakhstan. Ferronordic began its operations in 2010 and currently has 28 outlets and approx. 450 employees. Ferronordic’s vision is to be the leading service and sales company in its markets. The shares in Ferronordic AB (publ) are listed on Nasdaq Stockholm. www.ferronordic.com
For investors, analysts and media:
Erik Danemar, Group CFO and Head of Investor Relations,
Interim report January-March 2023 – 11 May
Annual general meeting 2023 – 11 May
Interim report April-June 2023 – 17 August
SE-114 34 Stockholm
Corporate ID no. 556748-7953
The information was submitted for publication on 13 April 2023, 20:15 CET
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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.