End of the Ford’s global super-brands as Volvo sold to Geely
Posted on August 3, 2010
Filed Under Geely
Little more than a year ago, the name Geely would like to slip under the radar of most. Today, the Chinese company completed the purchase of Volvo by Ford Geely one 1300000000 $ in cash for the Swedish brand was perplexed and a $ 200,000,000 note.
The figure is slightly smaller than the $ 1.8 billion charge in March 2010 between the two parties agreed, but after the end of a long drawn-out sale brings Ford’s decision was first published on 1 Announced in December 2008. It also shows how bad Ford’s fingers burnt: it paid $ 6.45bn for Volvo in 1999.
Stefan Jacoby, the former head of Volkswagen in North America, today as the new CEO and president of Volvo Cars.
What’s new now is one of Geely Volvo?
The sale of Volvo marks the end of Ford’s plan, a global group of super-brands under former CEO Jacques Nasser Building designed. The Blue Oval already Jaguar and Land Rover to Tata Motors and Aston Martin sold Kuwaiti investors led.
Alan Mulally, Ford president and CEO, is confident Volvo future under Chinese rule. “Volvo is a great brand with a strong product line, and it has the profits after a successful restructuring again,” he said. “We are confident that Volvo has a solid future in Geely’s property. At the same time, the sale of Volvo enable us to sharpen our focus on the Ford brand in the world and we continue to deliver on our One Ford plan, our customers with the best cars and trucks in the world. ”
What are the plans for Geely Volvo?
Geely has already outlined its strategy and plans for Volvo: it wants to double the production numbers in five years, a move that is more than possible, by establishing a market share of Volvo in China.
Under the terms of the transaction, Ford will continue with Volvo together to ensure a smooth transition. It supplies drives and other components, as well as consulting and technical support for a fixed timetable for the entire transitional period.
One of the most controversial areas of the sale were the intellectual property of the respective Party, said Ford was paranoid group of IP available with the Chinese, but both parties satisfactory safeguards built into the deal.
Stephen Odell, Volvo’s top CEO is leaving the office in Gothenburg and is head of Ford of Europe. Volvo’s new chairman is Li Shufu County, Geely Top MAN and Volvo’s next CEO, was named today morning, when Stefan Jacoby. Odell takes over as CEO and Chairman of the European arm of Ford’s current Executive Vice President John Fleming, who intended to take over Ford’s Global Manufacturing’s gig.Tags: super chies ford, volvo
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