Volvo Selling Stake to Ford
STOCKHOLM, Sweden (AP) _ Truck and bus maker Volvo agreed on Thursday to sell its 50 percent stake in a financing operation to Ford Credit International Inc. for about $81 million.
The remaining 50 percent of the shares in Volvofinans are held by Volverkinvest, a company owned by about 70 authorized Volvo car and truck dealers.
Volvofinans mainly finances passenger cars and therefore was more closely related to Volvo Cars, which was sold to U.S.-based Ford Motor Co. in 1999. It will continue to finance Volvo-brand trucks, however.
``The Volvo Group focuses on commercial vehicles and therefore it is natural to divest these financing operations, which are 80 percent related to passenger cars,″ Volvo’s chief financial officer Stefan Johnsson said in a statement.
On the Net:
Volvo’s site, http://www.volvo.com