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An update from Ferronordic AB ( (SE:FNM) ) is now available.
Ferronordic’s U.S. subsidiary, Rudd Equipment Company, is expanding its footprint in the Midwest by acquiring the Volvo Construction Equipment dealership business of Housby Heavy Equipment in most of Iowa, a territory bordering Rudd’s existing area. Structured as an asset deal valued at about USD 17m and primarily debt financed, Rudd will take over Housby’s construction equipment inventory and rental fleet, three Iowa locations and 26 employees, while Housby retains its Mack Trucks operations, liabilities and real estate. The acquired business generated USD 26.6m in construction equipment revenue and USD 1.3m in EBIT in 2024, and Ferronordic expects to grow sales and lift profitability over time to match Rudd’s other branches, with the assets integrated into Rudd’s wider inventory and offered across its entire sales territory. With Volvo CE’s approval and closing scheduled for 30 January 2026, the move marks Ferronordic’s first step in a broader U.S. expansion strategy, consolidating a contiguous territory in the Midwest and reinforcing its ambition to build a leading regional equipment dealership, while notably not generating goodwill on the transaction.
The most recent analyst rating on (SE:FNM) stock is a Hold with a SEK43.00 price target. To see the full list of analyst forecasts on Ferronordic AB stock, see the SE:FNM Stock Forecast page.
More about Ferronordic AB
Ferronordic AB is a service and sales company focused on construction equipment and trucks, acting as dealer for Volvo Construction Equipment in all or parts of nine U.S. states and representing brands such as Hitachi, Sandvik and Link-Belt in parts of the same territory. The group is also a dealer for Volvo Trucks and Renault Trucks in Germany and for Volvo CE, Sandvik and other brands in Kazakhstan, operating 37 outlets with around 800 employees, and is listed on Nasdaq Stockholm.
Average Trading Volume: 19,186
Technical Sentiment Signal: Sell
Current Market Cap: SEK636.5M
For detailed information about FNM stock, go to TipRanks’ Stock Analysis page.