Volvo Construction Equipment said it has signed a deal to take a 70 pct stake in Shandong Lingong Construction Machinery Co, based in east China"s Shandong province.
"This is a long term strategic investment which will put Volvo CE in a very strong position in China"s construction equipment market," Volvo CE chief executive Tony Helsham said in a statement.
The statement did not provide any financial details of the purchase, which is subject to regulatory approval.
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