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Geely to buy Volvo from Ford for $1.8 billion
Bryce Hoffman / The Detroit News
Ford Motor Co. has inked a definitive agreement to sell its Swedish luxury brand, Volvo, to China's Zhejiang Geely Holding Group Co. for $1.8 billion.
The deal was signed Sunday at Volvo's headquarters in Gothenburg, Sweden, by Geely Chairman Li Shufu, and Ford's Chief Financial Officer Lewis Booth. Witnessing the ceremony were Li Yizhong, minister of industry and information technology of the People's Republic of China, and Maud Olofsson, Swedish deputy prime minister and minister for enterprise and energy.
"We think it's a fair price for a good business, and yes, we're happy with the deal we've achieved with Geely," Booth said. "Volvo can continue to build its business and return to profitability."
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Bryce Hoffman / The Detroit News
Ford Motor Co. has inked a definitive agreement to sell its Swedish luxury brand, Volvo, to China's Zhejiang Geely Holding Group Co. for $1.8 billion.
The deal was signed Sunday at Volvo's headquarters in Gothenburg, Sweden, by Geely Chairman Li Shufu, and Ford's Chief Financial Officer Lewis Booth. Witnessing the ceremony were Li Yizhong, minister of industry and information technology of the People's Republic of China, and Maud Olofsson, Swedish deputy prime minister and minister for enterprise and energy.
"We think it's a fair price for a good business, and yes, we're happy with the deal we've achieved with Geely," Booth said. "Volvo can continue to build its business and return to profitability."
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