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Volvo unions on board as deal looms
Chinese workers assemble a car at a plant that may produce Volvos in the future

Volvo unions on board as deal looms

Published: 28 Mar 2010 12:14 GMT+02:00
Updated: 28 Mar 2010 12:14 GMT+02:00

The takeover of Volvo by Zhejiang Geely Holding looks set to go ahead on Sunday as unions linked to the Swedish car maker agreed to the Chinese company's purchase.

"We have received all the information that we were looking for," Glenn Magnusson, head of management organisation Ledarna, told TT news agency after two meetings with US-based Ford and Geely management in Gothenburg on Saturday.

"As far as the unions are concerned, we are in favour of the agreement."

Unions, fearing job cuts, had earlier demanded more details on the transaction.

Magnusson did not provide details on the talks with management, saying he and his colleagues from other unions had signed a confidentiality agreement.

Asked whether the Chinese company had given a guarantee that jobs would remain in Sweden, Magnusson said, "we have obtained a response to our questions."

Volvo has 22,000 employees worldwide, including 16,000 in Sweden.

A Volvo spokesman earlier told AFP that, barring any last-minute glitches, the signing of the deal will take place on Sunday afternoon when a press conference is scheduled or on Monday.

AFP/The Local (news@thelocal.se)

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Your comments about this article

15:05 March 28, 2010 by GLO
Good Luck !!!
08:37 March 29, 2010 by miau
"...he and his colleagues from other unions had signed a confidentiality agreement." So their members don't have the right to know?
08:52 March 29, 2010 by livinginsweden
are the unions and ford the ones who run volvo so successfully in the last 8 years and more... from a value of over 6.5 billion to selling it today for less than one third..... loss in value of over 66% .... and they are concern about what the chinese might do ....

the worse the chinese can do is run volvo from 1.6 billion to zero.

ha ha
10:52 March 29, 2010 by mrpripps
it makes me laugh. the swedish unions actually thinking they have any say in what takes place with the purchase of volvo by geely.you wait, geely is going to produce the volvo brand 100% within 12 mths.swedish labour costs are too high. theres no way that volvo cars produced in china will only be for the china domestic market ? they will flood the world market with a nice budget priced VOLVO. " made in china " sweden has no say in anything concerning volvo.get wake up unions ?
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