Renault Trucks Defense, which is included in the Volvo Group’s Governmental Sales business area, has finalized the acquisition of the French automotive manufacturer Panhard.

The total purchase consideration is SEK 538 million ($80.20 million). The transaction was concluded following approval from the appropriate authorities.

Panhard is a private company that traces its roots to the passenger-car industry. The company specializes in the manufacture of small armored vehicles adapted for defense operations, including the Panhard VBL armored scout car which is in service with 16 countries (photo).

In 2011, Panhard had sales of EUR 81 million, resulting in operating profit of EUR 9.4 M. The company has approximately 300 employees.

The transaction has no significant impact on the Volvo Group’s earnings or financial position.