China approves purchase
of Volvo’s joint venture share
Aug 25, 2010 11:03 AM
Chinese authorities have approved an agreement in which Sinotruk (BVI) Ltd, a wholly owned subsidiary of China National Heavy Duty Truck Group Corporation (CNHTC), and CNHTC will purchase all of the Volvo Group’s equity interest in the Jinan Huawo Truck Corporation joint venture. The Volvo Group’s holding amounted to 50% of the equity interest.
This partnership commenced in 2003, and as previously announced the joint venture has for various reasons not become the business success both parties had expected.
The sale has no material impact on the financial result or financial position of the Volvo Group.
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