Ford Will Sell Their Volvo Brand To China’s Geely

Miscellaneous, Reports | Dean | December 24, 2009 at 16:37

Ford has announced that they have settled commercial terms with China’s Geely Holding Group Company Limited for the Volvo brand. Ford said that some work still needs to be done, however this should be finalized by about Q1 of 2010.

“The prospective sale would ensure Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement its core ONE Ford strategy,” Ford said in a statement,

Ford said that they would like to co-operate with Volvo after the sale, however they do not want any shares in the business.

It was said that Geely was offering about $2 billion for the company.