Volvo earnings disappoint
STOCKHOLM, Sweden (Oct. 20, 1999) Ð Volvo AB suffered disappointing earnings for the first nine months of 1999, and warned that demand in its key growth markets remained weak. The company said its profit was $3.9 billion US for the period.
Volvo CEO Leif Johansson said the company was still considering acquisition targets in North America. “We feel we are doing well in North America….and we feel we know how to continue that process by growing organically,’ he told Reuters Television in an interview. “If there is an opportunity, that would mean an acquisition that would make financial sense and strategic sense, then we will take a look at that.”
In August, Volvo reached an agreement to buy rival Scania AB, and earlier this month announced plans to acquire a 19.9% stake in Japan’s Mitusbishi Motors.
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