Mr. Stefan Jacoby Volvo Cars’ President and Chief Executive Officer (CEO), as from 16th August, 2010. Photo: Volvo Cars

Hangzhou, China / Gothenburg, Sweden - 2nd August 2010

Zhejiang Geely Holding Group Co., Ltd. ("Geely Holding Group"), one of the fastest-growing car manufacturers in China, today announced it has completed the acquisition of 100 per cent of Volvo Car Corporation ("Volvo Cars") from Ford Motor Company.

Geely also announced that Stefan Jacoby, the Chief Executive of Volkswagen Group of America, would become President and Chief Executive Officer of Volvo Cars.

Mr. Stefan Jacoby Volvo Cars’ President and Chief Executive Officer (CEO). Photo: Volvo Cars

Li Shufu said:
"This is a historic day for Geely, which is extremely proud to have acquired Volvo Cars. This famous Swedish premium brand will remain true to its core values of safety, quality, environmental care and modern Scandinavian design as it strengthens the existing European and North American markets and expands its presence in China and other emerging markets."

Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd at a press conference March 28, 2010, after signing the stock purchase agreement, that Zhejiang Geely Holding Group Company Ltd will purchase Volvo Cars from Ford Motor Company. The deal is planned to be completed in Q3, 2010. Photo: Volvo Cars

Stefan Jacoby, the new President and Chief Executive of Volvo Cars, said:
"I am honoured to join a company with the prestige and growth potential of Volvo. Our employees, suppliers, dealers - and above all our customers - can be confident that Volvo will preserve its special status as the industry leader in vehicle safety and innovation - even as it pursues new market opportunities."

Mr. Stefan Jacoby Volvo Cars’ President and Chief Executive Officer (CEO), as from 16th August, 2010. Photo: Volvo Cars

Following completion of the transaction, Mr. Stefan Jacoby will join the board of Volvo Cars, chaired by Li Shufu, Chairman of Geely Holding Group.
The board will comprise several new directors including Hans-Olov Olsson, a former President and Chief Executive of Volvo Cars and a former Chief Marketing Officer of Ford, who will become Vice-Chairman of the board.

As announced on the signing of the stock purchase agreement on 28th March, 2010 Geely has agreed to pay USD 1.8 billion for Volvo Cars, which included a USD 200 million note with the balance paid in cash.

Geely issued the note and paid USD 1.3 billion in cash for Volvo Cars, utilising financing from Chinese institutions and its own balance sheet as well as international capital market resources.
The closing consideration reflects adjustments in areas such as pension obligations and working capital.

Completion of the sale of Volvo Car Corporation to Zhejiang Geely, August 2, 2010. Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd and Mr. Lewis Booth, CFO Ford Motor Company (also in the picture: Peter Zhang and Scott Stewart) sign the final agreement that Zhejiang Geely Holding Group Company Ltd acquires Volvo Car Corporation from Ford Motor Company at a ceremony in London, August 2, 2010. Photo: Volvo Cars

Under the new ownership, Volvo Cars will retain its headquarters and manufacturing presence in Sweden and Belgium; and its management will have the autonomy to execute on its business plan under the strategic direction of the board.

As part of the transaction, Volvo and Ford will maintain close component and supply relationships, ensuring continuity in areas where they provide supply to each other.

Completion of the acquisition, which follows more than a year of talks between Geely and Ford, was marked at a signing ceremony in London attended by Li Shufu and Lewis Booth, Chief Financial Officer at Ford.

Mr. Li thanked Ford and the Volvo Cars management for their support during the transaction negotiations, and also paid tribute to union and government officials with whom Geely built close contacts.

"The signing and completion of this acquisition reflects the commitment of Ford and Volvo executives to the future of this company, along with the vital input of labour representatives and government officials in Sweden, Belgium and China as well as other relevant countries," said Mr. Li.

Completion of the sale of Volvo Car Corporation to Zhejiang Geely, August 2, 2010. Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd and Mr. Lewis Booth, CFO Ford Motor Company (also in the picture: Peter Zhang and Scott Stewart) sign the final agreement that Zhejiang Geely Holding Group Company Ltd acquires Volvo Car Corporation from Ford Motor Company at a ceremony in London, August 2, 2010. Photo: Volvo Cars

The Geely Chairman added that Mr. Stefan Jacoby will succeed Stephen Odell as Volvo Cars' President and Chief Executive, taking up his role on 16th August, 2010.

Hans Oscarsson, deputy Chief Financial Officer, will become acting CFO of Volvo Cars, replacing Stuart Rowley.
Mr. Odell and Mr. Rowley are moving to leadership roles at Ford of Europe.

Along with the new management team at Volvo Cars, Geely today named the full board of directors for the Swedish carmaker, comprising:

• Li Shufu (Chairman)

• Hans-Olov Olsson (Vice-Chairman)

• Freeman H. Shen

• Håkan Samuelsson

• Dr. Herbert Demel

• Lone Fonss Schröder

• Winnie Kin Wah Fok

The board - which will include three labour representatives nominated by unions at Volvo Cars - will assume its duties on completion of the transaction.


About Zhejiang Geely Holding Group Co., Ltd.


Zhejiang Geely Holding Group Co. Ltd. was founded in 1986 with its headquarters in Hangzhou, China.

Zhejiang Geely Holding Group and its associated companies have established operations that span the automotive value chain, from research, development and design to production, sales and servicing.

The headquarters of the Group is located in Hangzhou, capital city of Zhejiang Province, China. Photo: Zhejiang Geely Holding Group

They are a fully-integrated independent auto manufacturer producing cars, engines and transmissions.
Today, they are one of China's fastest growing automotive manufacturers, as well as the industry's leading privately held group.


Contact Details

Mr. YUAN Xiaolin
Zhejiang Geely Holding Group
Tel: +86 (571) 2813-6666
Mobile: +86 1371-806-4551
Email: ma@geely.com

Mr. NING Shuyong
Zhejiang Geely Holding Group
Tel: +86 (571) 2813-6868
Mobile: +86 1585-810-3555
Email: ningsy@geely.com

Mr. Tim BURT
Brunswick Group LLP
Tel: +44 (20) 7396-7497
Mobile: +44 (7834) 502-497
Email: geely@brunswickgroup.com

Mr. Anders FOGEL
Brunswick Group LLP
Tel: +46 (8) 4103-2181
Mobile: +46 (709) 627-842
Email: geely@brunswickgroup.com

https://www.media.volvocars.com/global/enhanced/en-gb/Media/Preview.aspx?mediaid=34397  



Li Shufu

Chairman of Volvo Cars
Founder and Chairman of Zhejiang Geely Holding Group

Mr. Li Shufu, chairman Zhejiang Geely Holding Group Company Ltd. Photo: Volvo Cars

Mr. Li Shufu was born in Taizhou City, Zhejiang Province, China in 1963.
He holds a bachelor’s degree in management engineering from Harbin University of Science & Technology, and a master degree in mechanical engineering from Yanshan University.

He is Vice Chairman of the China Association of Automobile Manufacturers (“CAAM”), Vice
Chairman of the Chinese Non-Government Education Association and a member of the
National Committee of the Chinese People’s Political Consultative Conference (“CPPCC”).

Mr. Li started his career in the refrigerator and refrigerator parts manufacturing business
in 1986, and then transferred to motorcycle manufacturing in 1993.
In 1997, he entered the automobile manufacturing industry and has been fully devoted to the development of China’s auto industry over the last two decades.

He is the founder of Zhejiang Geely Holding Group Co., Ltd. (“Geely Holding Group”), one of the fastest growing private automobile enterprises in China.

Under Mr. Li’s leadership, Geely Holding Group has been committed to independent
innovation and development, and achieved major breakthroughs in engine, transmission
and other core technologies in the automobile industry.
Geely Holding Group has been undergoing a strategic transformation since 2007, and launched a series of competitive models into the Chinese market and has introduced some to overseas market.

On 28th March, Geely Holding Group signed a Definitive Stock Purchase Agreement with Ford Motor Company to acquire 100% of Volvo Car Corporation.
The acquisition was completed on 2nd August, 2010.

Mr. Li has received numerous accolades, including the “Top 10 Private Sector
Entrepreneurs in China”, “Outstanding Figures in Chinese Automotive Industry”, “Top 10
Philanthropists in China” and 2009 CCTV Top 10 Businessmen of the Year.



Stefan Jacoby

President & CEO of Volvo Car Corporation

Mr. Stefan Jacoby Volvo Cars’ President and Chief Executive Officer (CEO). Photo: Volvo Cars

Previous positions:

2007 -2010 Volkswagen Group of America Inc, President & CEO
2004 -2007 Volkswagen AG, Executive Vice President and General Representative Marketing and Sales
2001 -2004 Mitsubishi Motors Europe B.V. (Amsterdam), President and CEO Europe
1997 -2001 Volkswagen Asia-Pacific Ltd., Deputy Director Asia-Pacific
1995 -1997 Volkswagen AG, Head of General Office of the Chairman of the Board of Management
1992 -1995 Volkswagen AG, Exports Sales Planning Department
1990 -1992 Volkswagen Audi Nippon KK, Japan, Head of Controlling
1989 -1990 Volkswagen AG, Commercial Vehicle Division, responsible for global pricing
1988 -1990 Volkswagen of America, Controlling and Marketing Departments
1985 -1988 Volkswagen AG, Industrial Sales and Controlling Department

Biography

Stefan Jacoby has spent most of his professional career at Volkswagen, where he has held several senior positions.
His experience at Volkswagen has equipped him with in-depth knowledge of one of the industry's leading premium automotive firms.

Through roles within Volkswagen and Mitsubishi, Mr. Jacoby has spent time in both North America and Asia.

Moreover, Mr. Jacoby has experience working across corporate cultures and regions; he has worked for a German company in Asia and an Asian company in Europe.
During his time in Asia, Mr. Jacoby has had responsibilities to establish and grow operations in China, Japan, and other Asian countries.


https://www.media.volvocars.com/global/enhanced/en-gb/Media/Preview.aspx?mediaid=33403