Volvo wants EEC friends
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PEHR GYLLENHAIVIMAR, chi man of Volvo, told a press ci ference in London this wi that prominent European dustrialists were dissatisfi with the degree of inter shown by the EEC politiciam the future of European indust He went on to say that I European home market v disintegrating and manufact ers would lose out to the U and Japan as the recession dined.
Together with the heads of other major concerns includ ICI, Phillips, Olivetti, Fiat, Bo: and Renault, he had forme( round table of European indt rialists in an attempt to prov greater unification for the fut of Europe.
Areas under discussion clude communication, educat and capital formation.
Although Sweden is nol member of the-EEC, Volvo la. upon these countries as home market. Over the past years the company has bi through a period of transiti diversifying its interests into gineering, energy and fc processing.
Britain is the Volvo GroL third largest market after United States and Sweden in return Volvo is the 'arc single foreign customer of British components industry.
Gyllenhammar went on to that Volvo could be an even I ger customer but while the qi ity of British components lug satisfied Volvo's requireme they were less competitive price and delivery.
Over the past 20 years British component content I dropped from 25 per cent to per cent but because of creased production of vehi, in that time, the actual numt now were higher.
Two months ago Volvo issi 750,000 shares on to the Loni stock market at about £36 ek• All were taken up, mainly by larger institutions.