Acquires US-based VCE dealer Rudd, +124% to PF'23e sales
Ferronordic has acquired US-based Volvo CE (VCE) dealer Rudd, adding 124% to PF'23e sales (on a USD/SEK rate of 10.86), and taking PF'23e EBIT to +145m (current estimate -34m). Rudd is one of VCE's largest US dealers, active in 9 states, with '22 revenues of USD 308m (8% '19-'22 sales CAGR) and EBIT of USD 16.5m (5.4% margin), of which 70% is from VCE and remaining from other brands (Hitachi, Sandvik, and Link-Belt).
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