Volvo Engineers Union Rejects Acquisition by Geely

Shanghai, July 22 (Gasgoo.com) Head of Volvo Car Corporation engineers union said that although Geely appears to be a serious buyers for Volvo, it can not change the union's position that a Chinese buyer will do no good to Volvo, Sweden's leading business journal "Dagens Industri" reports Tuesday.

Magnus Sundemo claimed that the 1,800 members of Volvo engineers union still hope to get a European owner that has a similar corporate culture to Volvo.

"How could you expect a less experienced Chinese owner to turn Volvo around if even Ford failed to do so?Ħħ Sundemo refuted.

He also aired concerns that the possible relocation of Volvo production into China would jeopardize Sweden's employment and suppliers may no longer willing to offer key R&D technologies to Volvo because its Chinese owner's bad record for plagiarism.

The report said Sundemo's concerns have gained support from the Sweden government.

The Wall Street Journal reported on July 15 that Geely is expected to submit a final bid for Volvo late this month with an offer anticipated to be around $2 billion. A final decision on the deal from Volvo will come within several weeks.

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