- Joined
- Feb 8, 2004
- Messages
- 1,102
- Location
- Southeast, PA
- Corvette
- 2003 50th Annversary Red coupe, beautiful !
The details of this long anticipated deal will be posted shortly. Ford Motor company has been looking for a new owner of the Valvo automobile line for the last five years. Today that deal was finalized. I'm not sure of the impact on the Volvo linup, but for Ford it comes as a much better for the company to concentrate on it's own automobile line up both in Amercia and overseas.
Geely Signs $1.8 Billion Deal for Ford's Volvo Car Unit
By Victoria Klesty
March 28, 2010
<!--empty -->
<!-- This is an example of overriding the defaults 1 url of permalink/page 2 title (escape single quotes) 3 rss location or false 4 id of story for STF and print page 5 STF available 6 show font size --><SCRIPT type=text/javascript> abcNewsShare.render(false,false,false,'http://feeds.abcnews.com/abcnews/moneyheadlines','10222622','addthis',true); </SCRIPT>
Chairman of Zhejiang Geely Holding Group Li Shufu and Executive Vice President and Chief Financial... 
Chairman of Zhejiang Geely Holding Group Li Shufu and Executive Vice President and Chief Financial Officer of Ford Lewis Booth shakes hands in front of a Volvo S60 car in the Volvo Hall at the Volvo plant and headquarter in Torslanda, Gothenburg, Sweden, Sunday March 28, 2010. Zhejiang Geely Holding Group signed an agreement on Sunday to buy Ford's Swedish carmaker Volvo.
(Bjorn Larsson Rosvall/AP Photo)
GOTHENBURG, Sweden (Reuters) - Zhejiang Geely Holding Group, China's largest private-run car maker, agreed on Sunday to buy Ford Motor's <F.N>Volvo car unit for $1.8 billion, the country's biggest overseas auto purchase.
The takeover underscores China's arrival as a major force in the global auto industry and ends nearly two years of talks with Geely over Volvo -- the last sale from Ford's former premier group, which also held Aston Martin, Jaguar and Land Rover.
"Today represents a milestone in the history of Geely," Geely chairman Li Shufu told a news conference, adding that Volvo Cars would remain a separate company with its own management team based in Sweden.
Such a deal would have been nearly unimaginable a few years ago for the Chinese carmaker, which on 2009 forecasts has a turnover of only 16 percent of Volvo's, and has just over half the workforce.
Geely Signs $1.8 Billion Deal for Ford's Volvo Car Unit
By Victoria Klesty
March 28, 2010
<!--empty -->
<!-- This is an example of overriding the defaults 1 url of permalink/page 2 title (escape single quotes) 3 rss location or false 4 id of story for STF and print page 5 STF available 6 show font size --><SCRIPT type=text/javascript> abcNewsShare.render(false,false,false,'http://feeds.abcnews.com/abcnews/moneyheadlines','10222622','addthis',true); </SCRIPT>
Chairman of Zhejiang Geely Holding Group Li Shufu and Executive Vice President and Chief Financial Officer of Ford Lewis Booth shakes hands in front of a Volvo S60 car in the Volvo Hall at the Volvo plant and headquarter in Torslanda, Gothenburg, Sweden, Sunday March 28, 2010. Zhejiang Geely Holding Group signed an agreement on Sunday to buy Ford's Swedish carmaker Volvo.
(Bjorn Larsson Rosvall/AP Photo)
GOTHENBURG, Sweden (Reuters) - Zhejiang Geely Holding Group, China's largest private-run car maker, agreed on Sunday to buy Ford Motor's <F.N>Volvo car unit for $1.8 billion, the country's biggest overseas auto purchase.
The takeover underscores China's arrival as a major force in the global auto industry and ends nearly two years of talks with Geely over Volvo -- the last sale from Ford's former premier group, which also held Aston Martin, Jaguar and Land Rover.
"Today represents a milestone in the history of Geely," Geely chairman Li Shufu told a news conference, adding that Volvo Cars would remain a separate company with its own management team based in Sweden.
Such a deal would have been nearly unimaginable a few years ago for the Chinese carmaker, which on 2009 forecasts has a turnover of only 16 percent of Volvo's, and has just over half the workforce.
