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| Melker Jernberg, president of Volvo Construction Equipment |
"Now, the company's market share in construction equipment has remained around 20 percent. Our goal is to improve the number to 25 percent as early as we can," Yang Sung-mo, vice president of the excavator business platform at Volvo CE, told a press conference in Seoul commemorating the 20th anniversary of the firm's Korean unit.
Volvo CE Korea was established in 1998 after the firm acquired the construction equipment unit of Samsung Heavy Industries. Now Volvo CE Korea is No. 3 in the sector following Doosan Infracore and Hyundai Construction Equipment.
"The sales of Volvo CE Korea were 2 trillion won ($1.77 billion) last year, about five times higher as compared to 370 billion won in 1998," Yang said. "Last year, we sold 13,261 excavators here, which is about an increase of four times compared to the year when we began operations here."
Volvo CE president Melker Jernberg, who visited the firm's excavator manufacturing plant in Changwon, South Gyeongsang Province, on Thursday, said the foundation of Volvo CE Korea was "regarded as one of the most successful acquisitions" in the firm's history.
"Not only did it boost Korea's economic credibility at a time of global financial uncertainty, but it established Volvo CE's position as a market leader in excavator production," he said.
"Since that time, we have grown to unprecedented levels with innovation, technology and productivity at the heart of our operations."
