The Lingong Group will acquire 70% of the shares of the Shandong Lingong held by Volvo Construction Equipment Company.

On June 24th, Linyi Lingong Machinery Group Co., Ltd. announced that, after friendly negotiations with Volvo Construction Equipment Company, the two parties officially signed an agreement. Lingong Group will acquire 70% of the shares of Shandong Lingong Engineering Machinery Co., Ltd. held by VOLVO CE through a newly established fund. After the completion of the agreement, Lingong Group will control the ownership and operational management rights of Shandong Lingong.