Volvo: Frame Agreement between Renault Trucks and the GAZ Group for Manufacturing of Engines Under Licence
Exhibit
99.1
Volvo:
Frame Agreement between Renault Trucks and the GAZ Group for
Manufacturing of Engines Under Licence
STOCKHOLM,
Sweden--(BUSINESS WIRE)--June 19, 2006--AB Volvo's
(Nasdaq:VOLV)(STO:VOLVA)(STO:VOLVB) subsidiary Renault Trucks has signed a
framework agreement on June 19 granting the GAZ Group of Russia to manufacture
the Renault dCi 11 engine under licence. The engines will be manufactured for
the Russian market and the CIS states (Commonwealth of Independent
States).
The
agreement is subsequent to the agreement in principle that Renault Trucks signed
with GAZ Groups subsidiary RusPromAuto in the beginning of February this year.
GAZ Group is a Russian automotive group with operations that include the
manufacturing of trucks, buses, construction equipment and cars and the aim
is
to use Renault Trucks' dCi 11 engines in the various vehicles in the Group.
In
addition to manufacturing under license, the agreement includes purchase of
certain manufacturing machinery, the possibility of using the tooling as well
as
training and education.
The
Volvo
Group is one of the world's leading manufacturers of trucks, buses and
construction equipment, drive systems for marine and industrial applications,
aerospace components and services. The Group also provides complete solutions
for financing and service. The Volvo Group, which employs about 82,000 people,
has production facilities in 25 countries and sells their products in more
than
185 markets. Annual sales of the Volvo Group amount to more than 20
billion euro. The Volvo Group is a publicly-held company headquartered in
Goteborg, Sweden. Volvo shares are listed on the stock exchanges in
Stockholm and on NASDAQ in the US.
This
information was brought to you by Waymaker
xxxx://xxx.xxxxxxxx.xxx
CONTACT:
Volvo
Marten
Wikforss, x00 00 00 00 00 or x00 000 00 00 00
