Geely 1.8 billion acquisition of Volvo would be formally set up factories in China
March 28, the second largest city in Sweden, the Volvo headquarters in Gothenburg, China’s Geely Auto Group Chairman Li Shufu (former left) and the U.S. Ford Motor Company Chief Financial Officer Lewis – Booth (ex-right) at the signing After the handshake.
China’s development, one of the fastest growing car manufacturers – Zhejiang Geely Holding Group Co., Ltd. (hereinafter referred to: Geely Group) today announced that Ford Motor has signed a definitive agreement to acquire equity, access to Volvo Car Corporation (hereinafter referred to: Volvo Cars) 100% of the shares and related assets (including intellectual property rights).
Geely chairman Li Shufu, and Ford Motor Company Chief Financial Officer Lewis Booth, Gothenburg, signed the agreement, The People’s Republic of China Ministry of Industry and Information Technology Minister Li as well as the Swedish Deputy Prime Minister and Energy Minister Maud Olofsson enterprises attended the signing ceremony.
Chairman Li Shufu, Geely Group, said: “China, the world’s largest auto market will become Volvo’s second home market cars. As a world-renowned luxury car brand, Volvo Cars will be released from the rapidly developing Chinese huge market potential. ”
Ford President and CEO Alan Mulally, said: “Volvo is an excellent brand, has first-class products. The agreement’s future sustainable development of Volvo Cars to lay a solid foundation.”
Geely Group will be 1.8 billion acquisition of Volvo Cars. The acquisition of all funds have been put in place at the same time, Geely Group, Volvo Cars is also ready for future business development of the necessary working capital loans.
In addition to stock acquisitions, the agreement also involved a Volvo car, Geely Group and Ford Motor Co. among the three parties in the intellectual property, parts supply and R & D to reach important provisions. These agreements fully guarantee the independence of the Volvo car operations, to continue the existing business plan and future sustainable development.
Geely Group will retain the Volvo cars in Sweden and Belgium, the existing factory, but also appropriate it will build a new factory in China, making the production closer to the Chinese market. In addition, Chairman Li Shufu said: “We and Ford are pleased to reach a final agreement, as a new shareholder, Geely will continue to consolidate and strengthen the Volvo safety, environmental protection, a global leader. Volvo car users can be assured that this well-known Swedish luxury automobile brand will continue to maintain its security, high-quality, environmental protection and the core values of modern Scandinavian design. ”
As an integral part of this transaction, Geely Group will continue to maintain a Volvo and its staff, trade unions, suppliers, dealers, in particular, to establish a good relationship with the user. After completion of the transaction, Volvo cars headquarters in Gothenburg, Sweden, in the new board of directors under the guidance of the management team of Volvo cars Volvo cars will be fully responsible for the daily operations and continue to maintain Volvo cars in a safe environment technological leadership and expand as a premier luxury brand, Volvo cars more than 100 markets in the global business, and to promote Volvo cars in the fast-growing Chinese market.
This agreement is subject to regulatory approval. In the pension gap, liabilities, cash and working capital accounts based on the purchase price for a routine adjustment, Geely and Ford is expected to be completed in the third quarter delivery.
About Zhejiang Geely Holding Group Co., Ltd.
Zhejiang Geely Holding Group Co., Ltd. was established in 1986 and headquartered in Hangzhou, China. Zhejiang Geely Holding Group Co., Ltd. and its affiliates the company’s business covers the automotive research and development, design, production, sales and service of the whole industrial chain. As an independent comprehensive car manufacturers, the group has a production vehicle, engine and transmission complete vehicle systems. Today it has become China’s fastest growing car manufacturers, is one of China’s auto industry-leading private enterprises.
Related Posts
Tags: car, car line, car motor, car rental, car uk, cheap car
Comments
Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!