Major European Volvo CE dealer enters US market
04 December 2023
The European-based dealer for Volvo Construction Equipment (Volvo CE), Ferronordic, is entering the US market with the acquisition of Rudd Equipment Company, one of the largest dealers of Volvo CE equipment in the US.
Rudd Equipment Company had territory spanning all or parts of nine states. Rudd Equipment is now a wholly owned subsidiary of Ferronordic after Ferronordic purchased 100% of the stock of Rudd Equipment.
The transaction closed on November 30, 2023 – the price has not been disclosed.
Rudd Equipment is the exclusive Volvo CE dealer for the entire states of Kentucky and Ohio, and Indiana, with exception of two counties. Their territory also includes parts of Missouri, Illinois, West Virginia, Pennsylvania, Tennessee, and Maryland. Headquartered in Louisville, Kentucky, Rudd Equipment has over 360 employees across 13 locations. Ferronordic will continue to offer the full range of Volvo products and solutions under the Rudd Equipment banner.
“This is a transformational transaction for us. We have been looking for opportunities to expand geographically in other regions, mainly in developed markets,” said Lars Corneliusson, CEO, Ferronordic.
“Rudd is a good strategic fit for Ferronordic and provides the platform and scale we have been looking for in the US. The acquisition gives us a strong base in a dynamic market that opens potential for further growth in North America.”
Rudd Equipment was founded in Louisville in 1952 by Mason Rudd. In 1975, his son Mike, joined the company and over the next 48 years focused on expanding its footprint into neighboring states. Ferronordic has said that it does not foresee any major changes to the current organisation of Rudd Equipment and Mike Rudd will continue with the company for a period following the deal closing.
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