Volvo to buy Ingersoll-Rand unit for $1.3 bln

Newswire

STOCKHOLM, Feb 27 (Reuters) - Volvo , the world's number two truck maker, said on Tuesday it had agreed to buy the road development machinery business of U.S. diversified manufacturer Ingersoll-Rand in a $1.3 billion cash deal. Volvo said in a statement it expected the acquisition of the unit, which makes heavy equipment for road construction and soil compaction, to generate annual synergies of 600 million Swedish crowns ($85.01 million) within five years. The deal was expected to close ...

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