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Ford: Volvo
AutoNova
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TWR and Volvo Car Corporation in agreement over the future of
AutoNova.
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Volvo is taking over full ownership in 2003
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Production and deliveries resume.
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Volvo Cars and TWR (Tom Walkinshaw Racing) have today reached an
agreement in principle regarding AutoNova, which paves the way for the
company to immediately start production and resume deliveries of cars
following the halt in operations on 7 March this year.
Volvo Car Corporation is acquiring 26% of the share stock in AutoNova
from TWR, with immediate effect. The remaining 25% will be purchased in
2003. The TWR Group will not have a place on the board of AutoNova. Volvo
Car Corporation is hereby now responsible for AutoNova's operations
following normal EU approval procedures.
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VCC and TWR do not intend to publicise the contents of the agreement,
as some details and formalities still remain to be resolved.
"We have today reached a framework agreement which takes due
account of the interests of both parties. Based on this understanding, the
executive management of AutoNova have undertaken to resume production and
deliveries and this can be done already on Monday April 3," comments
Tuve Johannesson, President and CEO of Volvo Car Corporation.
(31 March 2000)
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