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Chinese Geely bought Volvo for $ 1, 8 billion
Chinese Geely has signed today a deal to buy Ford-owned Swedish automaker Volvo for 1, $ 8 billion. An appropriate statement made today by officials from Volvo, reports Associated Press.
Under the deal, Volvo will be kept about 4 thousand. Jobs from the current 20 thousand. The final completion of the transaction is expected in the III quarter of 2010.
The Swedish company hopes that with the new owner of Volvo will enter the Chinese market for cars after financial difficulties experienced in recent years.
According to unofficial reports, Geely plans to produce at the new plant in Beijing to 300 thousand. Volvo cars a year by 2011 already. Production of cars will be made in the plan for recovery of the loss-making brand.
Zhejiang Geely - the parent company of Geely Automobile and one of China's largest manufacturers of cars - started its activities in 1986. production of refrigerators. In 1992. Geely began producing components for motorcycles and in 1994. I started to assemble their own motorcycles. Over the next two years the company has produced more than 200 thousand. Motorcycles and scooters. Production of Geely cars to do in 1998. And in 2003. started supplying their cars for export.
Source
Source:
Under the deal, Volvo will be kept about 4 thousand. Jobs from the current 20 thousand. The final completion of the transaction is expected in the III quarter of 2010.
The Swedish company hopes that with the new owner of Volvo will enter the Chinese market for cars after financial difficulties experienced in recent years.
According to unofficial reports, Geely plans to produce at the new plant in Beijing to 300 thousand. Volvo cars a year by 2011 already. Production of cars will be made in the plan for recovery of the loss-making brand.
Zhejiang Geely - the parent company of Geely Automobile and one of China's largest manufacturers of cars - started its activities in 1986. production of refrigerators. In 1992. Geely began producing components for motorcycles and in 1994. I started to assemble their own motorcycles. Over the next two years the company has produced more than 200 thousand. Motorcycles and scooters. Production of Geely cars to do in 1998. And in 2003. started supplying their cars for export.
Source
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