European Volvo Construction Equipment dealer Ferronordic has entered the U.S. market with the acquisition of 100 percent of the stock of Rudd Equipment. The transaction closed Nov. 30.
Rudd Equipment is the exclusive Volvo CE dealer for the entire states of Kentucky, Ohio, and Indiana, with the exception of two counties. Rudd’s territory also includes parts of Missouri, Illinois, West Virginia, Pennsylvania, Tennessee, and Maryland.
Headquartered in Louisville, Ky., Rudd Equipment has more than 360 employees across 13 locations. Ferronordic will continue to offer the full range of Volvo products and solutions under the Rudd Equipment banner.
“This is a transformational transaction for us,” said Lars Corneliusson, CEO, Ferronordic. “We have been looking for opportunities to expand geographically in other regions, mainly in developed markets. Rudd is a good strategic fit for Ferronordic and provides the platform and scale we have been looking for in the U.S. The acquisition gives us a strong base in a dynamic market that opens potential for further growth in North America.”
“We are excited to welcome Ferronordic to our North American dealer network and see incredible opportunities ahead,” said Scott Young, head of sales region North America, Volvo CE. “We have a shared commitment to provide industry-best equipment, solutions, and support to our customers. We also extend sincere appreciation to Mike Rudd and the team at Rudd Equipment for the long-standing relationships they have built over seven decades.”
Rudd Equipment was founded in Louisville in 1952 by Mason Rudd. In 1975, his son Mike, joined the company and during the next 48 years focused on expanding its footprint into neighboring states. Ferronordic does not foresee any major changes to the current organization of Rudd Equipment and Mike Rudd will continue with the company for a period following the deal's closing.