New acquisition for Swedish truck maker

Volvo says it has reached an agreement to pay 1.3 billion US dollars for the road-building division of American group Ingersoll Rand.

Volvo says it is to boost its construction equipment business and it expects the acquisition will save it about 85 million dollars over five years.

Earlier this month, Japanese truck maker Nissan Diesel accepted a billion dollar buyout from Volvo, which was its largest shareholder.

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