Volvo Construction Equipment had a 17 percent increase in net sales in the third quarter of 2004 compared with the same period in 2003. An adjustment was made for currency effects.

The company’s results, announced as part of parent company AB Volvo’s third quarter report, continues a succession of previous positive quarters indicating strong performances in a growing global marketplace for construction equipment.

New product launches during the third quarter by Volvo CE included a four-model range of short swing compact excavators in the 2.5- to 8-ton classes, and the Volvo BL61 backhoe loader, an entry level version of Volvo CE’s popular Volvo BL71 backhoe loader. Upgraded versions of the Volvo EC45 compact and the Volvo L30B and Volvo L35B compact wheel loaders were also introduced to segments of the company’s international market. Volvo CE continued its divestment during the quarter of the operations of its former United States dealer, LB Smith, which the company acquired in 2003, with the sales of a New York dealer territory.

Volvo CE’s order book remains strong, and, with growth in all regions, the outlook for future operations is promising — approximately 32 percent higher when compared with year-end 2003.

Leif Johansson, president and chief executive officer of AB Volvo, said, “The market looks stronger than we could have anticipated at the beginning of the year. We have upgraded the forecast for heavy construction slightly, expecting an increase of 30 percent in North America and 10 percent in Europe in 2004. For 2005, growth rates are expected to level off at historically high levels in both markets.”

For more information, call 828/650-2043 or visit www.volvoce.com.

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