Volvo Eyes Sale of Arquus, Takes $87 Million Hit
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(Reuters) – Sweden’s Volvo said on Monday it had signed an option agreement to sell its Arquus defence unit to John Cockerill Defense, and would book a fourth-quarter operating loss from the deal of some 900 million Swedish crowns ($87.44 million).
Volvo expected consultations to become finalised during the first quarter of this year. In 2022, Arquus represented approximately 1% of Volvo Group revenues, it said in a statement.
($1 = 10.2926 Swedish crowns)
(Reporting by Greta Rosen Fondahn; editing by Terje Solsvik)
Copyright 2024 Thomson Reuters.
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