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Geely buys Volvo in biggest overseas foray

By Li Fangfang | China Daily | Updated: 2010-03-29 07:50

Geely buys Volvo in biggest overseas foray

BEIJING - Zhejiang Geely Holding Group, China's No 10 automaker, sealed a binding deal on Sunday to buy ailing Swedish luxury car brand Volvo from US giant Ford for $1.8 billion.

"Today represents a milestone in the history of Geely," Geely Chairman Li Shufu told a news conference, adding that Volvo will remain a separate company with its own management team based in Sweden.

The agreement was signed between the two automakers in Goteborg, Sweden.

Geely buys Volvo in biggest overseas foray

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