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Geely Holding Group completed the acquisition of Volvo Car Corporation.
HANGZHOU, China and GOTHENBURG, Sweden August 2 PRNewswire - Zhejiang Geely Holding Group Geely Holding Group Co Ltd, one of the fastest growing automakers in China today announced that it has completed the acquisition of 100 percent Volvo Car Corporation Volvo Car from Ford Motor Company.
Geely also announced that Stefan Jacoby CEO of the Volkswagen Group of America, would become President and CEO of Volvo Cars.
Li Shufu said this is a 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 protection and Scandinavian design modern, because it strengthens the current European and north American markets and strengthens its presence in China and other emerging markets.
Stefan Jacoby's new President and CEO of Volvo Cars, said I am honored to join a company with the prestige of potential and growth of Volvo Our employees, suppliers, dealers - and above all our customers - can be confident that Volvo will retain its special status as the industry leader in vehicle safety and innovation - even if it pursues new market opportunities.
After completion of the transaction, Mr Stefan Jacoby will join the Volvo Cars Board of Directors, chaired by Li Shufu, Chairman of Geely Holding Group The board will comprise several new directors including Hans-Olov Olsson old President and CEO of Volvo Cars and a former director of Ford's marketing, will become vice chairman of the board.
As announced at the signing of the share purchase agreement March 28, 2010 Geely has agreed to pay 1 $ 8 billion for Volvo Cars, which included a note of $ 200 million with the balance paid in cash .
Geely issued the note and paid $ 1 $ 3 billion in cash for Volvo Cars, utilizing financing from Chinese institutions and its own balance sheet and the resources of the international capital market The closing consideration reflects adjustments in areas such as pension obligations and working capital.
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 its business plan under the strategic direction of the board.
As part of the transaction, Volvo and Ford will maintain relationships of components and supply nearby, ensuring continuity in areas where they provide supply to each other.
The completion of the acquisition, which follows more than a year of talks between Geely and Ford, was marked at a signing ceremony in London attended by Li Shufu and Lewis Booth, Ford's CFO.
M. Li thanked Ford and the Volvo Cars management for their support during the transaction negotiations, and also paid tribute to union and government officials with whom Geely built close contacts.
The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this society, and the vital contribution of labor representatives and government officials in Sweden and Belgium in China, other countries, Li said.
President Geely added that Mr Stefan Jacoby will succeed Stephen Odell Volvo Cars President and CEO, taking his role August 16, 2010.
Hans-Oskarsson, deputy Chief Financial Officer, will become acting CFO of Volvo Cars, replacing Stuart Rowley move M. Odell and M. Rowley to leadership roles at Ford of Europe.
With the new management team at Volvo Cars, Geely today named the full board of directors for the Swedish carmaker, including.
The board - which will include three labor representatives nominated by unions at Volvo Cars - will assume his duties at the end of the transaction.
Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 and headquartered in Hangzhou, China Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production , sale and maintenance -Integrated They are fully independent car manufacturer producing cars, engines and transmissions, it is now one of the fastest growing car manufacturers in China, and the first private group Of the industry.
Geely Holding Group completed the acquisition of Volvo Car Corporation, geely holding group complete.