Geely planning to keep Volvo production in Europe

Article by Christian Andrei, on August 26, 2010

Negotiations participated in by representatives associated with China's Zhejiang Geely Holding Group's impending purchase of Volvo are off to a good start.

Zhejiang Geely has informed unions that it intends to keep Volvo production in Europe. Last Thursday, union leaders at the Ford Motor Co. unit held their first talks with Geely.

At the moment, the unions are waiting to be presented with Geely's financing plans for Volvo.

Volvo Cars union IF Metall Chairman Mikael Sallstrom said the parties have yet to discuss issues such as how Geely will fund future investments. Sallstrom said that in their first meeting, the parties presented their overall ambitions.

What the unions found to be positive is Geely's intention to keep and develop their business in Europe, and to allow volumes to grow. Zhejiang Geely Holding Group, parent of Geely Automobile, is Ford's preferred bidder for Volvo.

Representatives for Geely this week met Volvo's management team, the Swedish government and Volvo union leaders as a part of negotiations with Ford.

Sallstrom said that in the following week, the union would meet Volvo's management team to lay out plans for further talks with Geely.

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