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Article: Ford seals GBP 3.89bn Volvo deal
- Article from:
- Evening News - Scotland
- Article date:
- January 28, 1999
- Author:
CopyrightCopyright 1999 Evening News - Scotland. Provided by ProQuest LLC. (Hide copyright information)
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MOTOR giant Ford today announced it had struck a GBP 3.89 billion
deal with Sweden's Volvo Group to buy its car division.
The dramatic takeover was followed just hours later by
confirmation that Volvo is to close its truck plant in Irvine, with
the loss of hundreds of jobs.
The car takeover - which is not expected to affect Ford's 30,000
UK employees - will allow the company to expand its ten per cent
share of the European market by offering a wider range of higher-
priced saloon and estate cars.
Although Volvo signalled the closure of its truck plant at Irvine,
Ford have said it has no plans to shut any Volvo car facilities in
Britain as a result of today's move, nor is it expected to ...