Today, 28 March, Zhejiang Geely Holding Group Co. Ltd and Ford Motor Company have signed a stock purchase agreement regarding the ownership of Volvo Car Corporation.
The deal is anticipated to be completed in the third quarter of 2010.
Both Ford and Zhejiang Geely have issued press releases regarding the agreement. Please go to "Additonal information" to read them or go to http://www.media.ford.com/
or http://www.geely.com/global/media_centre/press_releases.html
Stated in Zhejiang Geely Holding Group's press release:
Mr. Li Shufu, Chairman Zhejiang Geely Holding Group Co. Ltd, says:
"We are pleased to have reached this agreement with Ford, enabling us to safeguard and strengthen Volvo's renowned brand heritage. This transaction will ensure Volvo's continued leadership in the premium segment, where it enjoys a global reputation for safety and environmental-friendly technologies. This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design."
"As part of the proposed transaction, Zhejiang Geely Holdings will maintain the strong collaborative relationships that Volvo has built with employees, unions, suppliers, dealers and above all, customers. On completion, Volvo Cars will be a separate company with its own management team based in Gothenburg, Sweden, and a new board of directors.
The board and the management will have a mandate to develop Volvo Cars' leadership in safety and clean environmental technologies, expanding the company as a world-leading premium brand with a presence in more than 100 markets and ambitious plans in the fast-growing Chinese market."
Images from the signing will be related to this press release later during the evening.
Facts about Zhejiang Geely Holding Group Co., Ltd.
Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in Hangzhou, China. Zhejiang Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing. They are a fully-integrated independent auto manufacturer producing cars, engines and transmissions. Today, they are one of China's fastest growing automotive manufacturers, as well as the industry's leading privately held group.
Click here to watch the press conference:
https://www.media.volvocars.com/global/enhanced/en-gb/Media/Preview.aspx?mediaid=32185
For further information please go to:
Ford Motor Company's media centre:
http://www.media.ford.com/
and to
Zhejiang Geely Holding Group Co.'s media centre: http://www.geely.com/global/media_centre/press_releases.html
Contact information Ford:
Media: John Gardiner +44.7710.974.247 | Media: Mark Truby +1.313.323.0539 | Equity Investment Community: Larry Heck +1.313.594.0613 | Fixed Income Investment Community: Dave Dickenson +1.313.621.0881 | Shareholder Inquiries: +1.800.555.5259 or +1.313.845.8540 |
Contact information Geely:
Mr. Yuan Xiaolin Zhejiang Geely Holding Group Tel: +86 (571) 2813-6666 Mobile: +86 1371-806-4551 Email: ma@geely.com | N.M. Rothschild & Sons Limited Sole financial Advisers to Zhejiang Geely Holding Group Tel: +44 7768 392962 Email: Meyrick.cox@rothschild.com
|
Mr. Tim Burt Brunswick Group LLP Tel: +44 (20) 7396-7497 Mobile: +44 (7834) 502-497 Email: geely@brunswickgroup.com | Mr. Anders Fogel Brunswick Group LLP Tel: +46 (8) 4103-2181 Mobile: +46 (709) 627-842 Email: geely@brunswickgroup.com |
Zhejiang Geely Holding Group Co. Ltd.
No. 1760 Jiangling Road,
BinjiangDistrict, Hangzhou,
Zhejiang Province,
People's Republic of China
Tel:+86 (571) 2800-1111
Fax:+86 (571) 8776-6217
Media Enquiries
Tel: +86 (571) 8776-6209
Email: pr@geely.com
Contact information Volvo Car Corporation:
SVP Olle Axelson, Public Affairs
Tel: +46-31-592600
or
Press Spokesman Per-Åke Fröberg
Tel: +46 31 59 65 25