Volvo was originally part of another Swedish company, SKF. The first intention was merely to produce a car that would contain the roller bearings produced by SKF, but business expanded and eventually the independent company Volvo was born.
Today, Volvo is a global company and has a strong position on the private car market. Key words are safety, concern for the environment, and quality. Volvo is also the world's second largest manufacturer of heavy trucks and buses. Another section of the company is Volvo Penta, which produces drive systems for ships and pleasure-boats, as well as for the industry. Volvo Aero produces aircraft engines and is also involved in the European space project.
In 1994 the Board of Directors and Management laid out a new strategic orientation for the Volvo Group; to concentrate on the automobile and transport equipment industry, with full control over core operations; According to this strategy, Branded Consumer Products (BCP), a company in the foodstuff business, was sold in 1995. Volvo also holds 11 percent of the French car manufacturer Renault. This part will also be sold, since the alliance between Volvo and Renault was dissolved in 1994.
Production and development of key components as engines and transmissions take place in Sweden, while assembly operations are done in plants in Europe, North America, Southeast Asia, Latin America and Australia. Primary markets are Europe and North America. The number of employees is 79 000.
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