SAINT-PRIEST, France, July 27 (UPI) -- Panhard, the French manufacturer of military vehicles, is to be acquired by Renault Trucks Defense by the end of the year.
Renault Trucks Defense, a subsidiary of Renault Trucks and part of Sweden's Volvo Group, said the sale is subject to regulatory approval. No other details -- including sale price -- were given in its news announcement with the exception of the projected closing timeframe of the fourth quarter of this year.
Panhard is a private company that specializes in light armored vehicles. In 2011, it reported sales of about $98.8 million and an operating profit of more than $11 million.
It had once been part of Citroen and also manufactured civilian vehicles until the late 1960s.
Renault Trucks Defense is included in the Volvo Group's Governmental Sales business area.
Renault Trucks Defense said the cost of acquiring Panhard wouldn't have significant impact on the Volvo Group's earnings and financial position.