Monday, March 29, 2010

Geely (chinese automaker) buys Luxury brand VOLVO for 1.8 Billion

Ford Motor Company announced it has agreed to sell its Volvo unit to Chinas Zhejiang Geely Holding Group for $1.8 billion.

Ford said Geely will pay $200 million with a note, and the rest in cash.

While For will continue to supply Volvo cars with powertrains, stampings and other vehicle components, and will provide engineering and information technology support to Volvo for a transition period, it will not retain any ownership in the company.

Ford expects the deal to close in the third quarter.

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