Volvo, Sweden Join in Pharmaceutical Deal: Volvo...

Volvo, Sweden Join in Pharmaceutical Deal: Volvo AB, the Swedish auto maker, announced that it would join the government as equal partner in a giant pharmaceutical and food group created by combining the Pharmacia, Procordia and Provendor companies. The new Procordia company, in which Volvo and the Swedish government each will hold about 40%, will have annual revenue of about $5.85 billion (37 billion crowns) and 47,000 employees, Volvo and Procordia said in a statement. The total transaction was valued at $3.76 billion (23.8 billion crowns).