Volvo IT New Subsidiary Established in Tianjin

(Chinatrucks.com, September 27, 2009)Volvo (China) Investment Co., Ltd. (VCIC) signed a new investment agreement in Tianjin China on September 23, to establish Volvo Information Technology (Tianjin) Co., Ltd. at the Tianjin Free Trade Zone (ZFT).

The new subsidiary owns an office area of 1,300m2 with total investment 2 million USD, and the office area will be expanded to 5,400 m2 by 2013 in the plan. Volvo IT Tianjin company will hire 100 employees at the end of 2010 and 500 are expected by 2013. Based in Tianjin, the new subsidiary aims to provide IT support to all Volvo business areas and units in China, which will help improve the Group’s business integration and operation efficiency in the region.

"China is a strategic focus of the Volvo Group. We have a lot of confidence in the Chinese market and will continue to invest in it, even in the world economy difficulties," addressed by Joachim Rosenberg, President of Volvo (China) Investment Co., Ltd. “Volvo IT Tianjin Company is a new milestone for Volvo's development in China, embodying Volvo Group's long-term commitment to the Chinese market."

Volvo IT is a wholly-owned subsidiary of AB Volvo, providing reliable industrial IT solutions, competitive telematics and insightful consulting services. In 2004, Volvo IT entered China and set up headquarters in Beijing. Volvo IT Tianjin subsidiary will report to its Beijing headquarters.

Rolf Agren, Executive VP, Volvo IT for Asia, said, "Thanks to the favorable economic environment, high IT level and talents reserve in Pohai Bay, we have the new investment done in Tianjin, which enhances our competence in serving Asia Pacific better and assisting Volvo Group in carrying out Asian strategy."

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