Recoveries in mature markets combined with sharp increases in emerging countries and internal cost reductions saw Volvo CE record a 53 per cent increase in sales, a 70 per cent increase in income and a record operating margin in the first financial quarter of 2011. It was an exciting quarter for the company, which saw the introduction of over 50 new models to its dealers and customers in Europe and North America. Added to this, Volvo became the largest producer of excavators and wheel loaders in China, and its new L220G wheel loader won the coveted Red Dot design award. The company also unveiled plans to invest $100 million in its Shippensburg facility in the US and start production of wheel loaders, excavators and articulated haulers at the site. There was also a change of leadership announced during the first quarter; with Pat Olney replacing Olof Persson as President of Volvo Construction Equipment in May, as Persson takes up his new role of Executive Vice President and Deputy CEO of the Volvo Group. “We have seen the favourable trend continue in both the Chinese and Brazilian markets, while the recovery in North America and Europe is becoming increasingly clear,” says Olof Persson, Executive Vice President and Deputy CEO, Volvo Group.