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Iveco to transfer Nordic retail and commercial operations to Hedin
Global Banking & Finance Review®
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MILAN (Reuters) – Italian truck and bus maker Iveco Group said on Thursday it had struck a preliminary deal with Sweden’s Hedin Mobility Group to transfer it its distribution and retail
MILAN (Reuters) – Italian truck and bus maker Iveco Group said on Thursday it had struck a preliminary deal with Sweden’s Hedin Mobility Group to transfer it its distribution and retail business in Nordic countries to simplify its operations.
Iveco Chief Executive Gerrit Marx said Hedin’s “remarkable market penetration” would help his company support its trucks, particularly those with electric and alternative propulsion systems.
Iveco will transfer its commercial activities for light, medium and heavy trucks in Sweden, Norway, Finland and Denmark, as well as retail sale activity for minibuses to Hedin, it said in a statement, without providing financial details.
The deal, which is expected to be finalised by the end of this year, will exclude distribution of other types of buses, financial services and Iveco’s other businesses.
Iveco said its commercial vehicle distribution and service network in the Nordics was currently based on 39 dealers and more than 100 workshops.
They will now join Hedin’s international dealer network, which include 270 dealerships selling more than 40 brands in 13 countries.
(Reporting by Giulio Piovaccari; Editing by Jamie Freed)
Distribution in business refers to the process of making a product or service available for the consumer or business user that needs it. It involves the logistics of transporting goods from the manufacturer to the final customer.
Electric trucks are vehicles powered by electric motors instead of traditional internal combustion engines. They are designed to reduce emissions and improve energy efficiency in the transportation sector.
A retail business sells goods or services directly to consumers. Retailers can operate through physical stores or online platforms, providing a variety of products to meet customer needs.
Market penetration refers to the percentage of a target market that consumes a product or service. It is a measure of how well a company has established its presence in a specific market.
Alternative propulsion systems refer to technologies that provide power to vehicles without relying on traditional fossil fuels. This includes electric, hybrid, and hydrogen fuel cell systems, aimed at reducing environmental impact.
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