Volvo Construction Equipment
|Subsidiary of the Volvo Group|
|Revenue||50.731 billion kr (2016)|
|2.246 billion kr (2016)|
Number of employees
Volvo Construction Equipment - Volvo CE - (originally Munktells, Bolinder-Munktell, Volvo BM) is a major international company that develops, manufactures and markets equipment for construction and related industries. It is a subsidiary and business area of the Volvo Group.
Volvo CE's products include a range of wheel loaders, hydraulic excavators, articulated haulers, motor graders, soil and asphalt compactors, pavers, backhoe loaders, skid steers and milling machines. Volvo CE has production facilities in USA, Brazil, Scotland, Sweden, France, Germany, Poland, India, China, Russia and Korea.
Three men laid the foundation for Volvo Construction Equipment: Johan Theofron Munktell and the brothers Jean Bolinder and Carl Gerhard Bolinder.
In 1832, Johan Theofron Munktell, then only 27, founds what became Volvo Construction Equipment in Eskilstuna, Sweden. In 1913, Munktell and his team produce Sweden's first tractor. Meanwhile, elsewhere in Sweden, other entrepreneurs were making progress: brothers Jean and Carl Gerhard Bolinder of Stockholm had been since 1844 manufacturing steam engines and crude engine oil.
In 1932, exactly one-hundred years after Johan Theofron Munktell’s start in Eskilstuna, Bolinder moves to Eskilstuna and both companies merge under the name AB Bolinder-Munktell. In 1934, Bolinder Munktell produces the legendary BM 25 tractor.
In 1950, Volvo buys the machine manufacturer Bolinder-Munktell (BM). Four years later in 1954, the company produces its first wheel loader H10; the world's first to feature a parallel lift arm system and attachment bracket, establishing Volvo as one of the leading construction companies in the world. They produced the world's first articulated hauler: the Volvo DR 631 Gravel Charlie - in 1966.
In 1973, the company name changes to Volvo BM AB. In 1985, Volvo BM allies itself with the American manufacturer Clark Equipment and its subsidiary Euclid. The product name Clark Michigan was abbreviated to Michigan and the three brand names Volvo BM, Michigan and Euclid were incorporated in the new company VME Group.
In 1995, VME becomes a fully owned Volvo company and changes name to Volvo Construction Equipment.
In 1998, Volvo CE became the first foreign company ever to invest in Korea. The acquisition of Samsung Heavy Industries (Construction Equipment Division ) strengthened its product offerings and presence in Asia.
In January 2007, Volvo purchases 70% of Shandong Lingong Construction Machinery Co. Ltd. In April of the same year, Volvo also finalizes acquisition of the American company Ingersoll Rand's division for road construction machines.