Isuzu Motors Takes Over UD Trucks
UD Trucks was acquired by Isuzu Motors from the Volvo Group, as part of the completion of the strategic alliance between the Volvo Group and Isuzu Motors.
Naoto Hakamata has been appointed Chairman of UD Trucks and Tetsuya Aiba CFO of UD Trucks effective April 1, 2021. Joachim Rosenberg, Volvo Group Executive Vice President, resigned as Chairman of UD Trucks on March 31, 2021.
Within the framework of the strategic alliance, UD Trucks is well positioned to build a long-term and robust relationship with Volvo Group and Isuzu Motors, creating synergies over the long term.
Together with Isuzu Motors, opportunities for UD Trucks include:
- Leveraging each other’s strengths and economies of scale, especially in the area of heavy-duty trucks in Japan and across international markets.
- Exploring cooperation in the areas of purchasing and logistics, leveraging common technology, as well as the geographical footprint complementarity
- Creating a strong base to continue to invest in technical development and innovations for world class products and services.
UD Trucks has built up a wealth of experience and expertise in the heavy-duty truck segment over 14 years together with the Volvo Group in the areas of technology, procurement, logistics, production and sales. The company has also made concerted efforts to promote diversity, flexible ways of working, and a global mindset that embraces change.
UD Trucks will continue to fulfil its brand promise of “Going the Extra Mile”, and together with Isuzu Motors strive to make life better for people and the planet.
UD Trucks is a leading Japanese commercial vehicle solutions provider, active in more than 60 countries on all continents. Since its inception in 1935, the company has been an innovation leader with a clear vision to provide the trucks and services the world needs today.
Going the extra mile
The company is committed to go the extra mile for smart logistics with the most dependable solutions for demanding customers. To best support across applications and geographies, UD Trucks offers a full range of heavy-duty trucks – Quon and Quester, medium duty trucks – Condor and Croner, and light duty trucks – Kazet and Kuzer, as well as associated operational and financial services.
The Volvo Group and Isuzu Motors signed binding agreements in October 2020 to form a strategic alliance within commercial vehicles in order to capture the opportunities in the ongoing industry transformation, in accordance with the Memorandum of Understanding signed in December 2019.
The agreements include Isuzu Motor’s acquisition of UD Trucks from the Volvo Group for an enterprise value of JPY 243 billion (approx. SEK 20 billion). The transaction is subject to certain conditions, including approval from regulatory authorities.
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