Volvo Divests Interest in Petro Stopping Centers
May 31, 2007 9:53 AM
Volvo Trucks North America announced that its 28.68% interest held in Petro Stopping Centers Holdings, LP (Petro) since 1999 has been acquired by TravelCenters of America and Hospitality Properties Trust. Volvo received $46.3 million upon the closing of the transaction. The company characterized the sale as a testament to the growing strength of its dealer network.
“Our dealers have truly embraced Volvo’s commitment to world-class service, and over the past several years, together we have made significant investments to dramatically expand and enhance our network,” said Peter Karlsten, president and CEO of Volvo Trucks North America. “As a result of these efforts, we are now in a position to fully support our customers’ parts and service requirements through our dealer network.”
Volvo Trucks North America assembles its Volvo VT, VN and VHD trucks in the United States, at the ISO14001 and ISO9001 certified New River Valley Plant in Dublin, Virginia. Volvo engines for North America are assembled in Hagerstown, Maryland. Volvo sponsors the America’s Road Team national highway safety outreach program.
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