GEELY SIGNS PURCHASE AGREEMENT TO SECURE VOLVO FROM FORD
31.03.10
Aspirations of the Geely brand in New Zealand have taken a huge step forward with news that Zhejiang Geely Holding Group, parent company of Geely Motors has signed a definitive stock purchase agreement with Ford Motor Company to acquire 100 per cent of Volvo Car Corporation and related assets.
The agreement was signed by Li Shufu, Chairman of Zhejiang Geely Holding Group, and Lewis Booth, Chief Financial Officer of Ford Motor Company, at a ceremony in Gothenburg witnessed by 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.
Li Shufu, Chairman of Zhejiang Geely Holding Group, made comment “China, the largest car market in the world, will become Volvo’s second home market. Volvo will be uniquely-positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market.” Alan Mulally, Ford’s President and CEO, said “Volvo is a great brand with an excellent product line-up. This agreement provides a solid foundation for Volvo to continue to build its business under Geely’s ownership.”
Volvo had been identified as a potential acquisition target in 2002 by Geely founder Li Shufu. It has been said that a Letter of intention for the acquisition of Volvo was sent and initially ignored but the global economic crisis forced Ford’s hand and discussions began. Since then Geely, China’s largest independent auto manufacturer has been in discussions with Ford on the potential acquisition. Confirmation of the deal follows months of intense discussions since Geely was named the preferred bidder for Volvo in October.
General Manager of Geely Motors NZ Ltd Scott Billman commented “In our discussions with Geely we have been impressed with their focus towards both quality and safety, with an obvious obsession for taking Geely vehicles to international markets. The acquisition of Volvo, a brand synonymous with leading safety technologies only illustrates the focus Geely has towards safety for the New Zealand motoring public. The vision of Mr. Li Shufu and the initiatives that Geely have put in place to launch a successful international crusade, now coupled with the purchase of Volvo only further excite us on the vast opportunity that Geely offers and the choice it will give New Zealand consumers”.
Geely is currently launching in New Zealand and has launched its new “MK” model through its first 4 dealerships in Auckland, Whangarei, Nelson and Christchurch. More dealers are expected to follow in the short term with a full sales, parts, and service network taking shape by mid 2010.
Aspirations of the Geely brand in New Zealand have taken a huge step forward with news that Zhejiang Geely Holding Group, parent company of Geely Motors has signed a definitive stock purchase agreement with Ford Motor Company to acquire 100 per cent of Volvo Car Corporation and related assets.
The agreement was signed by Li Shufu, Chairman of Zhejiang Geely Holding Group, and Lewis Booth, Chief Financial Officer of Ford Motor Company, at a ceremony in Gothenburg witnessed by 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.
Li Shufu, Chairman of Zhejiang Geely Holding Group, made comment “China, the largest car market in the world, will become Volvo’s second home market. Volvo will be uniquely-positioned as a world-leading premium brand, tapping into the opportunities in the fast-growing China market.” Alan Mulally, Ford’s President and CEO, said “Volvo is a great brand with an excellent product line-up. This agreement provides a solid foundation for Volvo to continue to build its business under Geely’s ownership.”
Volvo had been identified as a potential acquisition target in 2002 by Geely founder Li Shufu. It has been said that a Letter of intention for the acquisition of Volvo was sent and initially ignored but the global economic crisis forced Ford’s hand and discussions began. Since then Geely, China’s largest independent auto manufacturer has been in discussions with Ford on the potential acquisition. Confirmation of the deal follows months of intense discussions since Geely was named the preferred bidder for Volvo in October.
General Manager of Geely Motors NZ Ltd Scott Billman commented “In our discussions with Geely we have been impressed with their focus towards both quality and safety, with an obvious obsession for taking Geely vehicles to international markets. The acquisition of Volvo, a brand synonymous with leading safety technologies only illustrates the focus Geely has towards safety for the New Zealand motoring public. The vision of Mr. Li Shufu and the initiatives that Geely have put in place to launch a successful international crusade, now coupled with the purchase of Volvo only further excite us on the vast opportunity that Geely offers and the choice it will give New Zealand consumers”.
Geely is currently launching in New Zealand and has launched its new “MK” model through its first 4 dealerships in Auckland, Whangarei, Nelson and Christchurch. More dealers are expected to follow in the short term with a full sales, parts, and service network taking shape by mid 2010.
GEELY SETTLES COMMERCIAL TERMS FOR ACQUISITION OF VOLVO CAR CORPORATION
23.12.09
Zhejiang Geely Holding Group Co., Ltd. (ZGH), a privately-owned Chinese automotive group, today announced it has settled all substantive commercial terms with Ford Motor Company relating to the proposed acquisition of Volvo Car Corporation.
Geely, one of the fastest-growing car manufacturers in China, now expects to sign a definitive stock purchase agreement with Ford in the first quarter of 2010, paving the way for potential completion of the transaction in the second quarter of the year, subject to regulatory approvals. Further discussions will focus on finalization of documentation and financing, as well as government approvals.
The agreement on commercial terms follows detailed discussions with Ford, which have intensified since Geely was named the preferred bidder for Volvo in October of this year.
In recent weeks, Geely has also held constructive meetings with Volvo management, labour representatives and government officials in Sweden and Belgium – where its key manufacturing plants are based. “Geely is committed to work with all stakeholders to complete the transaction in the best interest of all parties, ” said Li Shufu, Chairman of ZGH.
Should a stock purchase agreement be finalised, Volvo will retain its leadership in safety and environmental technologies, and will be uniquely-positioned as a world leading premium brand to exploit opportunities in the fast growing China market.
More details will be made available once the expected definitive agreement is signed in the first quarter of 2010.
Zhejiang Geely Holding Group Co., Ltd. (ZGH), a privately-owned Chinese automotive group, today announced it has settled all substantive commercial terms with Ford Motor Company relating to the proposed acquisition of Volvo Car Corporation.
Geely, one of the fastest-growing car manufacturers in China, now expects to sign a definitive stock purchase agreement with Ford in the first quarter of 2010, paving the way for potential completion of the transaction in the second quarter of the year, subject to regulatory approvals. Further discussions will focus on finalization of documentation and financing, as well as government approvals.
The agreement on commercial terms follows detailed discussions with Ford, which have intensified since Geely was named the preferred bidder for Volvo in October of this year.
In recent weeks, Geely has also held constructive meetings with Volvo management, labour representatives and government officials in Sweden and Belgium – where its key manufacturing plants are based. “Geely is committed to work with all stakeholders to complete the transaction in the best interest of all parties, ” said Li Shufu, Chairman of ZGH.
Should a stock purchase agreement be finalised, Volvo will retain its leadership in safety and environmental technologies, and will be uniquely-positioned as a world leading premium brand to exploit opportunities in the fast growing China market.
More details will be made available once the expected definitive agreement is signed in the first quarter of 2010.
GEELY APPOINTS FIRST NZ DEALER
28.01.10
Fast-developing vehicle brand Geely has appointed its first dealership prior to its February launch in New Zealand.
Silvester Motor Company has been selected to represent the Geely brand in Christchurch and the Canterbury Region and will be known as Silvester Geely.
“The opportunity to grow the Geely brand in Canterbury is a fantastic chance to utilise our knowledge and experience in the industry,” commented Donna Silvester, Dealer Principal of Silvester Motor Group.
Our current franchise operation provides an excellent platform to launch what will be a serious contender in the new car arena. “We look forward to embracing the opportunity and successfully introducing Geely to Christchurch.This will most definitely be an exciting year for the Silvester Group,” said Ms Silvester.
The move is a further step towards the formation of an important new distributorship in New Zealand, explained Scott Billman, General Manager of Geely Motors NZ Ltd.
“We have received huge interest from dealers all over the country since news broke of our intention to launch Geely in New Zealand,” he said. “If anyone can judge the opportunity of the Geely brand in NZ it is those who have ownership in the motor industry”.
Mr Billman says the Silvester Group is an ideal fit with the brand. “Donna immediately impressed as having the right attitude and energy levels to commit long term to Geely in the Canterbury region,” he said. “We are absolutely certain the Silvester Geely team have what it takes to service the requirements of Geely customers in Canterbury”.
Geely has been receiving great press prior to its launch into New Zealand.
Meanwhile on the world stage Zhejiang Geely Holding Group Co, Ltd, Geely’s parent company, has settled all commercial terms associated with the acquisition of the Volvo brand from the Ford Motor Company.
It is a move welcomed by Silvester Geely. “Having the success of this involvement with Volvo endorses what other markets have already experienced with the growth of Geely globally,” said Donna Silvester.
”This has associated Geely with a name which reflects safety, breaking-edge technology and sound reliability; Geely will take very little time make its mark in New Zealand with affordable, safe vehicles and attract this same endorsement for all of its models.”
Silvester Geely will be supporting the Christchurch Lantern Festival and will have the all-new MK hatchback on display at the event in Victoria Square on 6 and 7 March as the Garden City celebrates the Chinese New Year.
Fast-developing vehicle brand Geely has appointed its first dealership prior to its February launch in New Zealand.
Silvester Motor Company has been selected to represent the Geely brand in Christchurch and the Canterbury Region and will be known as Silvester Geely.
“The opportunity to grow the Geely brand in Canterbury is a fantastic chance to utilise our knowledge and experience in the industry,” commented Donna Silvester, Dealer Principal of Silvester Motor Group.
Our current franchise operation provides an excellent platform to launch what will be a serious contender in the new car arena. “We look forward to embracing the opportunity and successfully introducing Geely to Christchurch.This will most definitely be an exciting year for the Silvester Group,” said Ms Silvester.
The move is a further step towards the formation of an important new distributorship in New Zealand, explained Scott Billman, General Manager of Geely Motors NZ Ltd.
“We have received huge interest from dealers all over the country since news broke of our intention to launch Geely in New Zealand,” he said. “If anyone can judge the opportunity of the Geely brand in NZ it is those who have ownership in the motor industry”.
Mr Billman says the Silvester Group is an ideal fit with the brand. “Donna immediately impressed as having the right attitude and energy levels to commit long term to Geely in the Canterbury region,” he said. “We are absolutely certain the Silvester Geely team have what it takes to service the requirements of Geely customers in Canterbury”.
Geely has been receiving great press prior to its launch into New Zealand.
Meanwhile on the world stage Zhejiang Geely Holding Group Co, Ltd, Geely’s parent company, has settled all commercial terms associated with the acquisition of the Volvo brand from the Ford Motor Company.
It is a move welcomed by Silvester Geely. “Having the success of this involvement with Volvo endorses what other markets have already experienced with the growth of Geely globally,” said Donna Silvester.
”This has associated Geely with a name which reflects safety, breaking-edge technology and sound reliability; Geely will take very little time make its mark in New Zealand with affordable, safe vehicles and attract this same endorsement for all of its models.”
Silvester Geely will be supporting the Christchurch Lantern Festival and will have the all-new MK hatchback on display at the event in Victoria Square on 6 and 7 March as the Garden City celebrates the Chinese New Year.