March 28th, Beijing time, Geely signed a definitive stock purchase agreement with Ford that Geely purchased the 100% stock of Volvo Cars and related assets at 1. Dramatically!
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wood-like glasses are Claimed to Make a New Record This SeasonVolvo, a Sweden auto brand, is reckoned as the safest automobile in the world. Being the biggest auto company in North Europe, Volvo is also the largest industrial enterprise in Sweden a well as one of the top 20 auto companies in the world. It was founded in 1927 by Gustav Larson and Assal Gabrielson. In 1930s, design inspirations of Volvo were mainly from the United States. Engineers who had coorperated with American companies in Detroit and well trained came back to Sweden, finally they joined Volvo and injected new technology knowledges and designs to Volvo. Volvos Pv36, a fascinating carioca car with novel and brave smooth body and creative technique of single wheel hanging, was launched in 1935. It was one of the classical types of Volvos car in history. In the 40s, PV800, as the common taxis, appeared on the streets. They are large but comfortable and always be used for sending pregnant woman to the hospital.
Hangzhou, China / Gothenburg, Sweden, on March 28, 2010, Geely Holding Group Co., Ltd. announced it had signed a definitive stock purchase agreement with Ford and received 100% shares of Volvo Cars and related assets (including intellectual property rights). The chairman Li of Geely and the Chief Financial Officer Lewis Booth of Ford Motor Company signed the agreement in Gothenburg. Li Yizhong, the Minister of Industry and Information Technology Ministry of People's Republic of China and Maud Olofsson, the Swedish Deputy Prime Minister and the Enterprises Energy Minister, had attended the signing ceremony. The chairman Li Shufu of Geely said: "China, the world's largest car market, will be the second home market of Volvo. As an international famous top-level luxury brand, Volvo Cars will release the huge market potential in fast-growing China. " The President and CEO Alan Mulally of Ford said: "Volvo is an brilliant brand with excellent products. The agreement has laid a solid foundation for the sustainable development of Volvo Cars in the future."
Geely group will purchase Volvo at $1.8 billion. The funding needed has now ready and Geely group is also perfectly ready for the capital needed for the future developemt of Volvo. In addition to the shareholding acquisition, the agreement also relates to the important terms and conditions in intellectual property, components supplying and research and development among Volvo Car, Geely Group and Fort Automobile. These agreements fully guarantee the independent operations of Volvo car, continuing the existing business plan and future sustainable development. Gelly will keep Volvo's existing manufacturing facility in Sweden and Belgium, but it will build new facturies in China to make the manufacturing process more suitable for China market. In addition, President Li Shufu shows that we are very happy for our final agreement with Ford, and as a new stockholder, Geely will continue consolidating and strenthening Volvo's global leading position in safe area and environmenr area. Volvo car's users can set their mind at rest that this famous Sweden luxury car brand will continue keeping its safety, high quality as well as modern Northern Europe design core value.
As a part of the deal, Geely would build the friendly connection with Volvo's staff, union, supplier and franchiser espacially the cilents. After the transaction was completed, Volvo cars' headquarter will still in Gothenburg, Sweden, under the guidance of new board, Volvo cars' management team will be solely responsible for the daily operation of cars. While maintaining Volvo's leading role in security and environment friendly technologies, they will expand the business as a sleak brand in over 100 countries and boost its share in fast-growing markets. The agreement needs supervise and regulatory agency approval. After a routine adjustment of the purchase price based on the pension gap, liabilities, cash and working capital accounts, Geely and Ford is expected to be completed the delivery in the third quarter.
