Ford to acquire heavy truck manufacturer
By Lu Nengneng |
August 9, 2012, Thursday
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Print Edition
Print Edition
UNITED States automaker Ford Motor Co is seeking to diversify beyond passenger and light commercial vehicle production in China through the acquisition of a domestic heavy truck manufacturer.
Jiangling Motors Corp, in which Ford holds a 30 percent stake, plans to buy the Shanxi Province-based Taiyuan Changan Heavy Truck Co for as much as 270 million yuan (US$42 million) from China Changan Automobile and China South Industries Group Corp, according to a statement released yesterday.
"A strong heavy truck operation like Taiyuan will complement Ford's existing passenger car and light commercial vehicle operations here in the world's largest and fastest-growing vehicle market," David Schoch, chairman and chief executive officer of Ford China, said in the statement.
While the transaction price could still change, one thing is for sure: Taiyuan Changan won't produce Ford-branded vehicles, a spokesman said.
Jiangling Motors Corp, in which Ford holds a 30 percent stake, plans to buy the Shanxi Province-based Taiyuan Changan Heavy Truck Co for as much as 270 million yuan (US$42 million) from China Changan Automobile and China South Industries Group Corp, according to a statement released yesterday.
"A strong heavy truck operation like Taiyuan will complement Ford's existing passenger car and light commercial vehicle operations here in the world's largest and fastest-growing vehicle market," David Schoch, chairman and chief executive officer of Ford China, said in the statement.
While the transaction price could still change, one thing is for sure: Taiyuan Changan won't produce Ford-branded vehicles, a spokesman said.
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