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BUSINESS
October 2, 1998 | Bloomberg News
Swedish auto maker Volvo said it will invest $150 million in Mexico to buy the country's second-biggest bus maker and start assembling cars there. Volvo, the world's second-largest maker of buses, will spend $70 million to buy Mexicana de Autobuses, (known as MASA), which makes buses near Mexico City, a move that would give it access to the North American Free Trade Agreement region. The remaining $80 million would be spent over the next two years.
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BUSINESS
March 15, 2000 | Bloomberg News
Volvo said the European Commission blocked its $6-billion purchase of rival Scania on concerns the combined company would have a dominant position in the Swedish and British markets for trucks. The ruling puts both truck makers back on the market where competitors are eyeing the Swedish name brands, though Volvo said it doesn't plan to sell its 45.5% Scania stake now.
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BUSINESS
August 22, 1991 | BRUCE HOROVITZ, TIMES STAFF WRITER
Volvo and its ad agency will fork up for their forgery. The car maker and its New York ad firm--Scali, McCabe, Sloves--have each agreed to pay a $150,000 penalty for a misleading "Monster Truck" TV spot that aired earlier this year. Although the amount may not seem very large, it represents a major embarrassment to Volvo and its former agency. This is the first time that the Federal Trade Commission has required an ad agency--and not just an advertiser--to pay for a deceptive ad.
BUSINESS
August 7, 1999 | From Times Wires Services
Sweden's Volvo said on Friday it has offered to buy rival truck and bus maker Scania for about $7.5 billion after striking a deal with Scania's main shareholder, Investor, which had resisted its advances for several months. The deal, which would create the world's second-largest maker of heavy trucks, appears to end a drama that began when Volvo unexpectedly bought a 13.5% voting stake in Scania in January and said it wanted to buy the rest.
BUSINESS
July 2, 1998 | Bloomberg News
Volkswagen, Europe's largest car maker, has approached Volvo to discuss how they might cooperate, Volvo said, but the Swedish auto maker would not confirm a published report that the talks might lead to a merger. Both companies declined to characterize the discussions between VW Chief Executive Ferdinand Piech and Volvo Chief Executive Leif Johansson at Volvo's headquarters.
BUSINESS
January 11, 1996 | Times Staff and Wire Reports
Volvo Weighs Costs, Benefits of Building Cars in U.S.: The Swedish car maker said manufacturing and delivery costs, rather than local incentives, will most influence its decision. German and Japanese car makers have already been attracted to the United States by the relatively weak dollar, lower labor costs and the sales appeal of cars that are technically American-made.
BUSINESS
January 19, 1995 | Times Staff and Wire Reports
Sweden's Volvo Announces Major Expansion Plans: The auto maker said it will enter a $200-million joint venture with a British sports car maker to develop an exclusive new model, in an attempt to revamp its image as a maker of stodgy cars. The venture with TWR--which has worked on projects with Jaguar and helped develop the Aston Martin DB7, the car driven by James Bond--is part of a new program of investments totaling $653 million.
BUSINESS
January 29, 1999 | DONALD W. NAUSS, TIMES STAFF WRITER
Consider the state of the world's auto industry: a glut of 20 million vehicles; 75% of auto makers are losing money; consumers demand more but want to pay less; regulators are mandating new, cleaner engines; and suppliers are being squeezed to lower costs. It all adds up to a caldron of forces feeding a mergers and acquisitions frenzy of historic proportions. The breakneck speed of change was evident Thursday as two major deals totaling nearly $15 billion in value were announced.
BUSINESS
January 28, 1999 | JOHN O'DELL, TIMES STAFF WRITER
Ford Motor Co. will announce this morning that it is buying the automobile operations of Sweden's Volvo for about $6 billion, insiders at Ford said late Wednesday. Analysts and Ford insiders say the U.S. company, the world's second-largest car maker, sees Volvo as a perfect fit between its Lincoln luxury-car unit and its Jaguar performance-car subsidiary. Volvo's reputation for building safe and environmentally friendly cars also attracted Ford, whose chairman, William Clay Ford Jr.
BUSINESS
January 11, 1999 | From Bloomberg News
Fiat, Europe's third-biggest car maker, confirmed Sunday that it is in talks with Swedish car and truck maker Volvo about forging an alliance, according to a member of Italy's Agnelli family, which controls Fiat. Umberto Agnelli, chairman of Ifil, an Agnelli family holding company and the dominant shareholder in Fiat, said Volvo was one of "two or three" possible partners for Fiat. There is no deadline for the talks, and a combination isn't "indispensable" for Fiat, he said.
BUSINESS
October 2, 1998 | Bloomberg News
Swedish auto maker Volvo said it will invest $150 million in Mexico to buy the country's second-biggest bus maker and start assembling cars there. Volvo, the world's second-largest maker of buses, will spend $70 million to buy Mexicana de Autobuses, (known as MASA), which makes buses near Mexico City, a move that would give it access to the North American Free Trade Agreement region. The remaining $80 million would be spent over the next two years.
BUSINESS
July 2, 1998 | Bloomberg News
Volkswagen, Europe's largest car maker, has approached Volvo to discuss how they might cooperate, Volvo said, but the Swedish auto maker would not confirm a published report that the talks might lead to a merger. Both companies declined to characterize the discussions between VW Chief Executive Ferdinand Piech and Volvo Chief Executive Leif Johansson at Volvo's headquarters.
BUSINESS
January 11, 1996 | Times Staff and Wire Reports
Volvo Weighs Costs, Benefits of Building Cars in U.S.: The Swedish car maker said manufacturing and delivery costs, rather than local incentives, will most influence its decision. German and Japanese car makers have already been attracted to the United States by the relatively weak dollar, lower labor costs and the sales appeal of cars that are technically American-made.
BUSINESS
January 19, 1995 | Times Staff and Wire Reports
Sweden's Volvo Announces Major Expansion Plans: The auto maker said it will enter a $200-million joint venture with a British sports car maker to develop an exclusive new model, in an attempt to revamp its image as a maker of stodgy cars. The venture with TWR--which has worked on projects with Jaguar and helped develop the Aston Martin DB7, the car driven by James Bond--is part of a new program of investments totaling $653 million.
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