2010 Volvo sale to Geely complete

2010 Volvo sale to Geely complete

Ford’s sale of Volvo is a done deal. Chinese car company Geely has completed the deal with Ford, first agreed in March this year, which will see the firm pay .8billion (£1.14bn) in cash to obtain 100 per cent of Volvo.

Geely also confirmed its new management structure for Volvo, which sees Stefan Jacoby, the former Chief Executive of Volkswagen Group of America, become President and CEO of Volvo Cars, replacing Stephen Odell, who has become the chairman of Ford of Europe.

Li Shufu, Chairman of Geely Holding Group, will chair Volvo’s board. The board will comprise several new directors including Hans-Olov Olsson, a former President and Chief Executive of Volvo Cars and a former Chief Marketing Officer of Ford, who will become Vice-Chairman of the board.

Li Shufu said, "This is an historic day for Geely, which is extremely proud to have acquired Volvo Cars. This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets.”

Under the new deal, Volvo Cars will retain its headquarters and manufacturing presence in Sweden and Belgium, and Volvo and Ford will maintain close component and supply relationships, ensuring continuity in areas like powertrains where they provide supply to each other.

Source: http://www.autoexpress.co.uk/news/