Volvo Group has signed an option agreement to divest Arquus
Volvo Group has signed an option agreement with John Cockerill Defense which gives the Volvo Group the right to sell Arquus after mandatory consultations with staff representative bodies. The consultations are expected to be finalized in Q1 2024. As a result of the option agreement, the Volvo Group’s operating income will be negatively impacted by approximately SEK 900 M in the fourth quarter of 2023
Arquus manufactures and sells specially designed vehicles to defense forces and employs about 1,200 employees in France. In 2022, Arquus represented approximately 1 % of Volvo Group revenues.
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The negative earnings effect will be reported in the segment Group Functions & Other and will be excluded from adjusted operating income.
If the option is exercised, closing of the divestment will be subject to governmental approvals and other conditions.
