SOURCE: Industrial Info Resources

Industrial Info Resources

March 30, 2010 05:15 ET

Ford to Sell Volvo to Chinese Automaker for $1.8 Billion, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - March 30, 2010) -  Researched by Industrial Info Resources (Sugar Land, Texas) -- Over the past few years, Ford Motor Company (NYSE:F) (Dearborn, Michigan) has appeared to make all the right moves. During a time when fellow U.S. automakers General Motors Corporation (Detroit, Michigan) and The Chrysler Group LLC (Auburn Hills, Michigan) have struggled, entering and exiting bankruptcy proceedings, Ford has managed to fly under the radar and quietly reorganize itself. In the automaker's latest move, Ford has agreed to sell its Volvo Cars unit to Chinese automaker Zhejiang Geely Golding Group (Zhejiang Province, China) for $1.8 billion, significantly less than the $6.45 billion Ford paid for Volvo in 1999. In 2008, Ford sold the Jaguar and Land Rover brands to Tata Motors Limited (NYSE:TTM) (Mumbai), an Indian automaker, for $1.7 billion, much less than Ford originally paid for the brands.

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