Volvo Group plans to divest Arquus
Volvo Group has signed an option agreement with John Cockerill Defense which gives the Volvo Group the right to sell Arquus after mandatory consultations with staff representative bodies.
The consultations are expected to be finalised in Q1 2024. As a result of the option agreement, the Volvo Group’s operating income will be negatively impacted by approximately SEK 900 million (EUR 78.9 million) in the fourth quarter of 2023.
Arquus manufactures and sells specially designed vehicles to defense forces and employs about 1,200 employees in France. In 2022, Arquus represented approximately 1% of Volvo Group revenues.