MIAMI — Volvo Construction Equipment president and CEO Pat Olney reiterated the company's confidence in North America's economic recovery in light of its 111-percent year-over-year increase in like-for-like sales during the first quarter. Olney told a group of journalists demand could increase by 25 percent during 2012.
“Demand for construction equipment in North America jumped 35 percent during the first three months of the year,” Olney said. “This shows us that the recovery that began last year is gathering pace and that our earlier forecast of a 15- to 25-percent year-on-year improvement for 2012 is attainable.”
Olney addressed journalists during a conference organized by Volvo on the topic of sustainability. The event included a session featuring Volvo Group CEO Olof Persson as well as officials from the World Wildlife Fund, with whom Volvo is partnering to reduce emissions and promote sustainability. The event also featured an address by former Bogota, Colombia, mayor Enrique Penalosa on the challenges of sustainability and transportation in megacities.
Olney drew attention to Volvo CE's Stage IIIB/Tier 4i emissions-compliant range of engine systems, and highlighted the more than 60 new fuel-efficient products being introduced globally by Volvo in 2012. Olney said the company's product overhaul will help Volvo CE achieve its WWF Climate Savers commitment of reducing carbon dioxide emissions from its machines sold between 2009 and 2014 by 15 million tonnes. Olney said Volvo CE is the first construction equipment company to sign a partnership with WWF.
“After a protracted downturn, we have every confidence that the North American market is well on the road to recovery,” Olney added. “We are continuing to invest throughout the business cycle in our people, our production facilities and distribution networks. With a technologically advanced fleet of innovative and award-winning products, we have made a strong commitment to the Americas and regard it as a home market for the company.”