Pat Olney, president of Volvo Construction Equipment, said he believes North America will be a flat market this year, although he conceded it could be up or down within 5 percentage points.
“The North American market has been challenging for a number of years but last year saw an improvement over the year before,” Olney said. “While we feel the economic climate points towards a flat development in the short term, we also see an upside going forward.”
Olney spoke at the inaguration of Volvo’s $100 million facility in Shippensburg, Pa., where he reaffirmed the company’s committment to North America as a home market.
He reiterated the importance of the company’s global investment strategy, totalling $600 million in recent years. The company also continutes to invest in order to maintain its position as a leading industry player.
The Shippensburg facility serves as regional headquarters for the Americas and also builds wheel loaders.
“The investment we are unveiling today is a sign of our long-term confidence in North America and our commitment to the market here,” Olney said.