Geely Holding Group Completes Acquisition of Volvo Car Corporation
Zhejiang Geely Holding Group Co., Ltd. (“Geely Holding Group”), one of the
fastest-growing car manufacturers in
the acquisition of 100 per cent of Volvo Car Corporation (“Volvo Cars”) from
Ford Motor Company.
Geely also announced that
Group of America, would become President and Chief Executive Officer of Volvo
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 care and modern
Scandinavian design as it strengthens the existing European and North American
markets and expands its presence in
“I am honoured to join a company with the prestige and growth potential of
Volvo. Our employees, suppliers, dealers — and above all our customers — can
be confident that Volvo will preserve its special status as the industry
leader in vehicle safety and innovation — even as it pursues new market
Following completion of the transaction, Mr.
board of Volvo Cars, chaired by Li Shufu, Chairman of Geely Holding Group.
The board will comprise several new directors including
former President and Chief Executive of Volvo Cars and a former Chief
Marketing Officer of Ford, who will become Vice-Chairman of the board.
As announced on the signing of the stock purchase agreement on
Geely issued the note and paid
utilising financing from Chinese institutions and its own balance sheet as
well as international capital market resources. 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
autonomy to execute on its business plan under the strategic direction of the
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.
Completion of the acquisition, which follows more than a year of talks
between Geely and Ford, was marked at a signing ceremony in
Li Shufu and
Mr. 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 company, along with the vital
input of labour representatives and government officials in
The Geely Chairman added that Mr.
Hans-Oskarsson, deputy Chief Financial Officer, will become acting CFO of
Volvo Cars, replacing
leadership roles at Ford of
Along with the new management team at Volvo Cars, Geely today named the
full board of directors for the Swedish carmaker, comprising:
Li Shufu (Chairman) Hans-Olov Olsson (Vice-Chairman) Freeman H. Shen Hakan Samuelsson Dr. Herbert Demel Lone Fonss Schroder Winnie Kin Wah Fok
The board — which will include three labour representatives nominated by
unions at Volvo Cars — will assume its duties on completion of the
About Zhejiang Geely Holding Group Co., Ltd.
Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its
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
automotive manufacturers, as well as the industry’s leading privately held
For more information, please contact: Mr. YUAN Xiaolin Zhejiang Geely Holding Group Phone: +86-571-2813-6666 Mobile: +86-1371-806-4551 Email: firstname.lastname@example.org Mr. NING Shuyong Zhejiang Geely Holding Group Phone: +86-571-2813-6868 Mobile: +86-1585-810-3555 Email: email@example.com Mr. Tim BURT Brunswick Group LLP Phone: +44-20-7396-7497 Mobile: +44-7834-502-497 Email: firstname.lastname@example.org Mr. Anders FOGEL Brunswick Group LLP Phone: +46-8-4103-2181 Mobile: +46-709-627-842 Email: email@example.com
SOURCE Zhejiang Geely Holding Group Co., Ltd.