Ferronordic acquires VolvoCE Dealer Rudd Equipment
Ferronordic acquired Rudd Equipment Company, Inc., one of the largest dealers of Volvo Construction Equipment in the United States with territory spanning all or parts of nine states. Rudd Equipment is now a wholly owned subsidiary of Ferronordic.
Ferronordic, an established European-based dealer for Volvo Construction Equipment, Volvo Trucks, and Renault Trucks, is entering the US market with the acquisition of Rudd Equipment.
Ferronordic will purchase 100% of the stock of Rudd Equipment. The transaction closed on November 30, 2023.
Rudd Equipment is the exclusive Volvo CE dealer for the entire states of Kentucky and Ohio, and Indiana, with exception of two counties. Their territory also includes parts of Missouri, Illinois, West Virginia, Pennsylvania, Tennessee, and Maryland. Headquartered in Louisville, Kentucky, Rudd Equipment has over 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. 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 US. The acquisition gives us a strong base in a dynamic market that opens potential for further growth in North America.” said Lars Corneliusson, CEO, Ferronordic.
“We are excited to welcome Ferronordic to our North American dealer network and see incredible opportunities ahead. 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,” said Scott Young, Head of Sales Region North America, Volvo CE.
Rudd Equipment was founded in Louisville in 1952 by Mason Rudd. In 1975, his son Mike, joined the company and over the next 48 years focused on expanding its footprint into neighbouring 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 closing.
