Geely Holding Group, one of the fastest-growing car manufacturers in China, announced on August 2 that it has completed the acquisition of Volvo Car Corporation from Ford Motor Company. A signing ceremony was held in London to mark the completion of acquisition, which was attended by Li Shufu , chairman of Geely Holding Group and Lewis Booth, Chief Financial Officer at Ford.
Li Shufu promised that the Volvo 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 and expands its presence in China and other emerging markets.
Stefan Jacoby, the former Chief Executive of Volkswagen Group of America, will become new President and Chief Executive Officer of Volvo Cars. He said Volvo will preserve its special status as the industry leader in vehicle safety and innovation while pursueing new market opportunities. Mr Stefan Jacoby will join the board of Volvo Cars, chaired by Li Shufu.
Under the new ownership, Volvo Cars will retain its headquarters and manufacturing presence in Sweden and Belgium; and its management will have the autonomy to execute on its business plan under the strategic direction of the board.
In a agreenment signed on 28th March, 2010, Geely agreed to pay USD 1.8 billion for Volvo Cars, which included a USD 200 million note with the balance paid in cash.
As part of the transaction, Volvo and Ford will maintain close component and supply relationships, ensuring continuity in areas where they provide supply to each other.
Kinas Henry Ford:
