Volvo evolved into a diversified industrial group, spanning a wide range of products ranging from cars, trucks, and buses, to marine and jet ngines. Under the leadership of CEO Pehr Gyllenhammar Volvo diversified further and became a conglomerate during the 1980s, entering such disparate industries as financial services, processed food (seafood, beer, etc.), matches, and pharmaceuticals.
In the mid-1990s the conglomerate strategy was reversed and Volvo refocused on vehicles and heavy equipment.
By 1998, total corporate sales had reached $27 billion. Cars had been the most important source of profits for Volvo, accounting for 48% of the total in 1998 versus 28% for trucks.
Volvo was fully integrated, developing and producing all major drive-train components, including engines and transmissions