STOCKHOLM, Sweden, Feb. 14, 2002 (PRIMEZONE) -- As part of the drive to further boost Scania's (NYSE:SCVA) fast growing South Korean truck operations, Scania has formed its first ever finance company outside Europe, Scania Finance Korea Ltd.
The main thrust of the new company's operations lies in customer credit management and financial advisory services. As demand continues to grow, the company will also offer truck customers more diversified financial services.
The MD of the company is Sang Won Lee and the executive management includes Claes Jacobsson, Senior Vice President, Customer Finance, in addition to Staffan Sjogren, MD of Scania Korea.
The new finance company started operating on 1 February 2002.
Truck sales in South Korea have shown considerable growth over the past two years. In parallel, Scania has extended its sales and service network throughout the country to encompass eight sales offices and 12 service workshops. In 2000, Scania recorded sales of 471 vehicles in the country, a figure that grew to 1,213 just one year later. The current year has got off to a flying start, with about 300 vehicles already in the order book at the end of January.
Financial services are at present one of Scania's fastest growing business areas, alongside sales of repair and maintenance services.
Scania is one of the world's leading manufacturers of trucks and buses for heavy transport applications, and of industrial and marine engines. With 28,300 employees and production facilities in Europe and Latin America, Scania is one of the most profitable companies in its sector. In 2001, turnover totalled SEK 53,000 million and the result after financial items was SEK 1,500 million. Scania products are marketed in about 100 countries worldwide and some 95 percent of Scania's vehicles are sold outside Sweden.
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