Volvo’s Nielsen moves to Terex

Eric Nielsen, the head of Volvo's excavator business has joined Terex as president of Terex Materials Processing & Mining. Last year the division, which makes mining trucks and shovels, rock drills and crushing & screening equipment, accounted for US$ 2.09 billion of Terex's US$ 9.14 billion total revenues.

Mr Nielsen joined Volvo in 1994. He has been based in Korea since 1998 and in 2000 was appointed president and CEO of Volvo Excavators and Volvo Group Korea. Volvo's excavators are built at a plant in Busan, which it acquired when it bought the business from Samsung in 1998.

In his new role at Terex he will report to president and chief operating officer Tom Riordan. Commenting on the appointment Mr Riordan said, "Eric Nielsen brings to his new role as President of Terex Materials Processing & Mining an impressive combination of technical knowledge, strategic and financial skills, and hands-on operational experience. His expertise in running global businesses will certainly complement our own globally diverse organisation."

Volvo is seeking a successor to Mr Nielsen and expects to make an announcement soon.