Former LB Smith Dealership in NJ, PA Becomes Penn-Jersey Machinery

Fri August 26, 2005 - Northeast Edition

Effective Aug. 1, the name of the authorized Volvo Construction Equipment dealer serving the eastern Pennsylvania and New Jersey construction equipment market changed from LB Smith to Penn-Jersey Machinery.

The name of the company was changed to Penn-Jersey Machinery by Volvo Construction Equipment (Volvo CE) to reflect — and make a direct connection to — the region it serves through offices and service facilities in Lionville, PA and Somerville and Deptford, NJ. Penn-Jersey will be headquartered in Lionville.

“The territory covered by Penn-Jersey, which we acquired with the purchase of LB Smith in 2003, is a very important market for us and we believe that Penn-Jersey has excellent capabilities under the Volvo brand to satisfy the equipment and product support needs of our customers in eastern Pennsylvania and New Jersey,” said Dennis Slagle, president and CEO, Volvo Construction Equipment North America.

“Penn-Jersey’s President Walt Joachim leads a team of seasoned professionals with many years of experience in the local market and we are confident that the company will continue to build on the relationships and reputation it has earned in the area,” he said.

Penn-Jersey’s Principals

Walter “Walt” Joachim was named president of the former LB Smith operation in the region by Volvo CE in February 2005.

Joachim has more than 35 years of experience in the construction equipment business and his family has been engaged in the industry in New Jersey and Pennsylvania for more than 55 years.

He served for 19 years as vice president of sales for a major construction equipment manufacturer dealer and for 16 years in various positions with the former Volvo CE dealer, LB Smith.

Sean Collins has 25 years’ experience in sales and marketing in the construction machinery business, with just two companies. The past six years have been with the former LB Smith (Penn-Jersey) operation.

Jim Fehr has extensive experience in the parts and service operations of construction equipment companies.

Fehr joined LB Smith as parts manager in 1999 and was appointed Business and Operations manager of the company in 2001. He continued in this position with LB Smith following the Volvo CE acquisition of the company in 2003 and was named director of Customer Support in 2005.

Ryan Sherwood joined the LB Smith Group of companies in 1993, moving to the company’s construction equipment division, LB Smith, in 2000 as Business and Operations manager.

In 2003, he was appointed manager of Treasury. Following the Volvo CE acquisition in 2003, Sherwood was named financial controller, a position he held through 2004.

In 2005, he was appointed vice president, chief financial officer of the company, now Penn-Jersey.

Volvo Construction Equipment

Volvo Construction has a history that goes back to 1832, a history that included the merger, in 1932, of two major Swedish industrial companies that were acquired in 1950 by Volvo to produce the first farm tractor with a diesel engine.

Four years later, in 1954, the first wheel loader — a modification of the tractor — was built — it was the world’s first loader with attachment bracket and parallel movement, according to the company. In the mid-1960s the company produced an articulated hauler.

Today, Volvo Construction Equipment is one of the world’s largest manufacturers of equipment for the construction and related industries. Its products include a comprehensive range of wheel loaders, hydraulic excavators, articulated haulers, motorgraders, compact equipment and backhoe and skid steer loaders. The company has dealers and product support and service operations in more than 100 countries.

Volvo Construction Equipment is the second largest member of the Volvo Group, a leading global manufacturer of trucks, buses and construction equipment, drive systems for marine and industrial applications, and aerospace components and services.