kscarbel2 Posted October 21, 2015 Share Posted October 21, 2015 Reuters / October 20, 2015AB Volvo said on Tuesday it signed a letter of intent with HCL Technologies to sell its external IT business.The deal is expected to raise Volvo’s operating earnings by about US$108.5 million (900 million Swedish crowns).The Swedish company said about 2,600 Volvo staff would be affected by the transaction and offered employment at HCL.The deal is expected too close during the second quarter of next year."Not only will our cooperation with HCL Technologies provide significant cost-savings. We will also make a capital gain when the contract is signed," Volvo's acting chief executive Jan Gurander said in a statement.The sale of Volvo's external IT operations is part of sweeping efficiency measures aimed at cutting 10 billion crowns of structural costs at the truckmaker.In October 2012, Volvo sold its aerospace division, Volvo Aero, to British engineering group GKN for US$1.05 billion (6.9 billion Swedish crowns).Volvo Press Release - http://www.volvogroup.com/group/global/en-gb/newsmedia/_layouts/CWP.Internet.VolvoCom/NewsItem.aspx?News.ItemId=151137&News.Language=en-gb Quote Link to comment https://www.bigmacktrucks.com/topic/42284-volvo-to-sell-it-business/ Share on other sites More sharing options...
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