Ford is one step closer to selling their loss-making Volvo unit to China's Geely Group. The acquisition of Volvo occurred in in 1999 for $6.45 billion and has wanted to unload the Swedish carmaker since last year to raise cash and focus its efforts on three core brands: Ford, Lincoln and Mercury.
"The prospective sale would ensure Volvo has the resources, including the capital investment, necessary to further strengthen the business and build its global franchise, while enabling Ford to continue to focus on and implement its core ONE Ford strategy," the statement said.
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Ford Motor Company (Ford) is a producer of cars and trucks. The Company and its subsidiaries also engage in other businesses, including financing vehicles. Ford operates in two sectors: Automotive and Financial Services. The Automotive sector includes the operations of Ford North America, Ford South America, Ford Europe, Volvo, and Ford Asia Pacific Africa segments. The Financial Services sector includes the operations of Ford Motor Credit Company and Other Financial Services. During the year ended December 31, 2008, the Company sold the ACH glass business to Zeledyne, LLC. The sale included the Nashville, Tulsa, and VidrioCar plants. In 2008, Ford and its subsidiary, Volvo Car Corporation, completed the sale of Thai-Swedish Assembly Group to Volvo Holding Sverige, AB. In March 2008, the Company acquired 72.4% of the shares of S.C. Automobile Craiova SA. In June 2008, the Company completed the sale of its Jaguar and Land Rover operations to Tata Motors Limited.
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