ASCENDUM sells its car retail business to Litocar

Friday, July 29, 2022

• Integration into the company takes effect as of August 1;
• Operation involves the sale of Ascendum Auto ensuring the maintenance of conditions and rights of the employees;
• The Ascendum Group in Portugal owns the companies: Ascendum Máquinas, Ascendum Camiões and Ascendum Agro - all businesses geared towards the B2B - corporate segment.

Ascendum - one of the largest global distributors of Volvo construction equipment and other brands - has just announced the sale of its company Ascendum Auto, from the car retail business in Portugal, to group Litocar, a company specialized in the car retail business.

Ascendum Auto, a dealer of the Volvo, Mitsubishi Motors, Fuso and Maxus, will now be part of the assets of a  group totally focused on the car retail business, with professional management and financial strength. All employees will integrate the new company maintaining the same conditions and rights.

For João Mieiro, Chairman of the Board of Directors, "this operation allows Ascendum Auto to be in a good position to successfully face future challenges, being integrated in a company 100% dedicated to car business, proven management excellence and financial strength."

Ascendum, now concentrates all businesses with the same management matrix, with convergent guidelines to the activity sectors where it operates: construction equipment, industries, infrastructures, agriculture, recycling and transports.