| Volvo Group entered into an agreement with China National Heavy Duty Truck Group Co, Ltd |
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16/11/2009 14:06 (818 Day 10:32 minutes ago) | |||||
The FINANCIAL -- The Volvo Group, Sinotruk (BVI) Limited and China National Heavy Duty Truck Group Corporation (CNHTC) have signed an agreement whereby Sinotruk (BVI) Limited, a wholly owned subsidiary of China National Heavy Duty Truck Group Corporation, and CNHTC agrees to purchase all of Volvo Group’s equity interest in Jinan Huawo Truck Corporation (Joint Venture), in which Volvo Group currently holds a 50-percent equity interest. The agreement is subject to approval by the P.R.C. authorities.
The partnership commenced in 2003, the Joint Venture has for various reasons not become the business success that both parties had expected.
The newly signed agreement describes detailed arrangements of the withdrawal of Volvo Group from the Joint Venture.
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