Press release published at The Swedish Wire
Ferronordic Machines AB held its Annual General Meeting (AGM) in Stockholm on Monday 28 May.
The AGM adopted the income statement and balance sheet for the company.
All of the current directors, Magnus Brännström, Lars Corneliusson, Erik Danemar, Erik Eberhardson, Per-Olof Eriksson, Marika Fredriksson, Martin Leach and Tom Jörning, were re-elected to serve as members of the Board of Directors until the next AGM.
KPMG AB was re-elected auditor.
All other resolutions that were proposed at the AGM as set out in the convening notice were approved.
Stockholm, 1 June 2012
For further information please contact:
Anders Blomqvist, Chief Financial Officer, Ferronordic Machines AB, Tel.: +46 70 7766 485
Ferronordic Machines is the Authorized Dealer of Volvo Construction Equipment in Russia. The Company began its operations in June 2010 and has since then shown strong growth:
-2011 revenue of EUR 268m vs. EUR 74m in 2010
-55 own outlets vs. 6 in June 2010
- 560 employees vs. 162 in June 2010
Ferronordic Machines has expanded all across Russia through its 55 outlets and is today well established in all seven federal districts. In addition to distributing and providing aftermarket support to Volvo CE machines, the Company has also been appointed Aftermarket Dealer for Volvo Trucks in Archangelsk in North-western Russia and in Eastern Moscow Region, as well as Dealer for Volvo Penta in Archangelsk and the Ural Region. The company has also signed up some other high quality brands such as LogSet, Logmax and several attachment manufacturers. The company intends to become a leading sales- and service company in the CIS markets.
This information was distributed by Cision