Volvo Group Signs Option Agreement To Gain Right To Sell Arquus

(RTTNews) - Volvo Group (VOLVY.PK) has signed an option agreement with John Cockerill Defense which gives the Volvo Group the right to sell Arquus. Volvo Group said, as a result of the option agreement, its operating income will be negatively impacted by approximately 900 million Swedish kronor in the fourth quarter of 2023. The company noted that the negative earnings effect will be reported in the segment Group Functions & Other and will be excluded from adjusted operating income.

Arquus manufactures and sells specially designed vehicles to defense forces. In 2022, it represented approximately 1% of Volvo Group revenues.