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Apr 25, 2014

Volvo raises North America outlook after Q1 profit rise

STOCKHOLM, April 25 (Reuters) – World number two truck maker
Volvo raised its outlook for the North American
market on Friday after posting an expected rise in quarterly
earnings as firmer demand in its main markets offset lingering
costs for a vast renewal of its model range.

Truck makers are heading into 2014 with U.S. demand picking
up strongly while an anticipated hangover in Europe from a
buying spree of older but cheaper trucks ahead of new emission
rules is tempered by an improving underlying economy and a
growing need to replace ageing fleets.

Apr 24, 2014

Big Scania investor backs VW bid for Swedish truckmaker

STOCKHOLM, April 24 (Reuters) – Swedish pension funds group
Swedbank Robur said it would accept Volkswagen’s
offer for the shares in truck maker Scania it does not
already own, improving the prospect that the bid may go through
despite strong opposition.

Swedbank Robur is the fourth-largest owner of Scania shares
measured by capital with a 1.9 percent stake. Its decision on
Thursday comes a day after Alecta, the number three owner, said
it was spurning the German carmaker’s 60 billion Swedish crown
($9.1 billion) bid

Mar 21, 2014

Volvo sees growth for all main car markets in 2014

STOCKHOLM (Reuters) – Geely-owned Volvo Car Group returned to a solid profit last year as firmer sales, above all in China, and a firm lid on costs helped it overcome a weak start to 2013 and lingering weakness in the U.S. market.

The company, one of Sweden’s biggest by sales and number of employees, is banking on strong sales of increasingly locally-made Volvos in China to reach a target of roughly doubling sales by 2020 and securing its future in a cut-throat car industry.

Mar 21, 2014

Volvo Cars pares costs to chalk up robust profit in 2013

STOCKHOLM, March 21 (Reuters) – Geely-owned Volvo Car Group
returned to a solid profit last year as firmer sales, above all
in China, and a firm lid on costs helped it overcome a weak
start to 2013 and lingering weakness in the U.S. market.

The company, one of Sweden’s biggest by sales and number of
employees, is banking on strong sales of increasingly
locally-made Volvos in China to reach a target of roughly
doubling sales by 2020 and securing its future in a cut-throat
car industry.

Mar 18, 2014

Independent Scania board members reject Volkswagen bid

STOCKHOLM (Reuters) – Scania’s minority shareholders should reject Volkswagen’s 6.7 billion euro (£5.61 billion) bid, the Swedish truckmaker’s independent directors said, underlining a deep rift within the company.

The recommendation by the members of Scania’s board with no direct links to VW is a setback for the German automaker, which is trying to forge a closer-knit trucks group capable of taking on market leaders Daimler and Volvo.

Mar 18, 2014

Independent Scania board members reject VW bid

STOCKHOLM, March 18 (Reuters) – Scania’s minority
shareholders should reject Volkswagen’s 6.7 billion euro ($9.3
billion) bid, the Swedish truckmaker’s independent directors
said, underlining a deep rift within the company.

The recommendation by the members of Scania’s board with no
direct links to VW is a setback for the German
automaker, which is trying to forge a closer-knit trucks group
capable of taking on market leaders Daimler and Volvo
.

Mar 7, 2014

Getinge stock hit by profit warning as costs to bolster quality mount

STOCKHOLM, March 7 (Reuters) – Medical technology group
Getinge AB has warned of a sharp fall in
first-quarter earnings and said it faced more than a year of
heavy spending to boost its quality controls, sending its stock
down nearly 20 percent to an 11-month low.

The profit warning is the third in just over a year from the
Swedish company, a maker of surgical theatre equipment such as
products for heart surgery and anaesthesia, and the company’s
chief admitted executives may have failed to manage effectively
following rapid growth in recent years.

Feb 6, 2014

Volvo to more than double job cuts after weak quarterly earnings

STOCKHOLM, Feb 6 (Reuters) – World No.2 truck maker Volvo
will increase its job cuts to 4,400, more than double
its original plan, after currency effects and the cost of
launching new models muted a rise in quarterly earnings.

But Sweden’s biggest private sector employer also unveiled a
stronger-than-expected order intake in the fourth quarter on
growth in North America, sending shares more than 4 percent
higher by 0800 GMT to outperform the broader market in Stockholm
.

Jan 29, 2014

Scania to cut output as Europe pre-buy hangover sets in

STOCKHOLM (Reuters) – Truck maker Scania (SCVb.ST: Quote, Profile, Research, Stock Buzz) said on Wednesday it was cutting production and jobs as a boom in European demand for older models ahead of new emission rules burned out, reflected in a deeper-than-expected fall in fourth-quarter order bookings.

Heavy-duty truck makers saw orders climb in Europe last year, spurred by a growing need to replace ageing fleets and a surge in purchases of older but cheaper models ahead of new emission rules coming into force at year-end.

Jan 28, 2014

SKF lifts prices as recovery takes hold in Europe, N.America

STOCKHOLM, Jan 28 (Reuters) – SKF, the world’s
biggest bearings maker, has lifted prices, forecasting higher
demand in the coming months as an economic recovery takes hold
on both sides of the North Atlantic and eclipses a slowdown in
some emerging markets.

The firm, a bellwether for global manufacturing with its
bearings used in products from dishwashers to wind turbines,
said on Tuesday it had rolled out list price increases of around
three percent in Europe, North America and parts of Asia – the
first increases in the former two regions in about 18 months.