We are Ferronordic
Ferronordic is a service and sales company operating in the area of construction equipment and trucks. Through our network of more than 28 workshops in Germany and Kazakhstan, we provide professional services and solutions whenever and wherever our customers need them. In addition to our expansive network, our strength is built on the rich and diversified experience of our teams and their commitment to go the extra mile for our customers.Read more about our story
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Interim report 1 January – 30 September 2023
Q3 2023: Weak operationally. Key strategically.
Ferronordic expands to the USA – acquires one of the country’s largest Volvo Construction Equipment dealers
Ferronordic has entered into an agreement to purchase Rudd Equipment Company, Inc. (“Rudd”), one of the largest dealers of Volvo CE in the United States with operations in all or parts of nine states. Ferronordic thereby takes its first step to expand into the important US market. The purchase price amounts to USD 95.0m, corresponding to 5.8 x 2022 adjusted earnings before tax. In 2022, Rudd had sales of USD 308.3m with an operating income of USD 16.5m and earnings before tax of USD 16.4m (both adjusted to IFRS). In addition, Ferronordic acquires two real properties for USD 10m, currently rented by Rudd.
Year-end report January-December 2023