Volvo to Sell Stake in Chinese Truck Maker
(chinatrucks.com, Nov. 17, 2009)Unsuccessful joint venture sold to Sinotruck after six year effort. Volvo Group will sell its half interest in a Chinese truck manufacturer six years after joining the partnership.
Sinotruck, a wholly owned subsidiary of China National Heavy Duty Truck Group Corporation, will buy all of Volvo's equity in Jinan Huawo Truck Corporation, the Swedish manufacturer said. Terms of the agreement were not disclosed. The agreement is subject to approval by Chinese government authorities.
The joint venture "has for various reasons not become the business success that both parties had expected," said Volvo in a statement.
Volvo, which makes Volvo, Renault and Mack trucks, lost $485 million worldwide in the third quarter and $1 billion in the second quarter. In the third quarter of 2008 the operating income was $469 million.
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