Volvo in talks with Flemish premier about support

The Associated Press ~ staff The News
Send to a friend

Send this article to a friend.

STOCKHOLM - Ford-owned Volvo Cars said Monday it has entered intensified talks with the Flemish government about support for the ailing car brand.
Volvo chief executive Stephen Odell will meet Monday with Flemish Premier Kris Peeters in Brussels to discuss potential guarantees from the Flemish government for loans from the European Investment Bank, company spokeswoman Maria Bohlin said.
The Sweden-based company's largest production plant is located in Flanders - Belgium's Dutch-speaking northern half - and employs around 3,800 staff.
The European Investment Bank has not yet approved any loans to Volvo for the Flemish operations, but Bohlin said the talks would focus on potential loan applications for coming years.
Talks with the Swedish government about guarantees for an approved US$266 million loan from the European Investment Bank were postponed earlier this month, pending a sale of the Swedish brand.
That loan was earmarked for projects within the Swedish operations.
Ford Motor Co. has said it is conducting a strategic review which could lead to a sale of Volvo Cars.
Bohlin refrained from making further comments about the sales process Monday.

Organizations: Volvo, European Investment Bank, Ford Motor Co.

Geographic location: STOCKHOLM, Brussels, Flanders Belgium

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page