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Mar 28, 2010 | ID: 32193

Stock Purchase Agreement Regarding Volvo Cars Signed Today

 

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

jgardin2@ford.com

Media:

Mark Truby

+1.313.323.0539

mtruby@ford.com

Equity Investment Community:

Larry Heck

+1.313.594.0613

fordir@ford.com

Fixed Income Investment Community:

Dave Dickenson

+1.313.621.0881

fixedinc@ford.com

Shareholder Inquiries:

+1.800.555.5259 or

+1.313.845.8540

stockinf@ford.com

 

 

Contact information Geely:

Mr. Yuan Xiaolin

Zhejiang Geely Holding Group

Tel:      +86 (571) 2813-6666

Mobile: +86 1371-806-4551

Email:  ma@geely.com

Mr Meyrick Cox

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

Keywords:
Corporate
Descriptions and facts in this press material relate to Volvo Car Group's international car range. Described features might be optional. Vehicle specifications may vary from one country to another and may be altered without prior notification.

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