Volvo division buys French defence manufacturer
French manufacturer Panhard used to make cars
GÖTEBORG, Sweden—Renault Trucks Defense, part of the Volvo Group’s Governmental Sales division, is buying French automotive and defence manufacturer Panhard.
The transaction is expected to be finalized during the fourth quarter of 2012.
Panhard manufactures light transport vehicles adapted for defence operations and posted 2011 sales of CAN$100 million (EUR81 million) and operating profit amounted to $11.6 million. The company has about 300 employees.
Renault Trucks Defense builds and sells vehicles adapted for operations in defence, security and international projects with about 500 employees, mainly in France.