Geely says 'fully prepared' for Volvo buy

• Source: Global Times
• [21:50 October 29 2009]
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In a statement issued Wednesday, Geely said under its bid, supported by Chinese banks, Volvo's existing production and research and development facilities, union agreements and dealer networks would be maintained.

Ford announced last December that it wanted to sell the loss-making Volvo unit, which it fully acquired in a $6.4-billion deal in 1999.

The group did not take government aid to cope with falling sales and avoided bankruptcy this year, unlike US rivals General Motors and Chrysler.

It has shed tens of thousands of jobs and closed plants in an effort to cut costs.

AFP