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| The Pub For General Automotive Related Talk |
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27-03-2009, 11:00 PM
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#1 | ||
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Regular Member
Join Date: Mar 2008
Posts: 459
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HANGZHOU, March 27 (Xinhua) -- China's largest independent carmaker Geely Automobile confirmed Friday that it had acquired Drive train Systems International (DSI), the world's second largest auto transmission supplier.
The agreement signing ceremony was held Friday in New South Wales, Australia, said Wang Ziliang, vice chairman of Zhejiang-based Geely Automobile Holdings. Shares of Geely Automobile were suspended Friday morning at the Hong Kong Stock Exchange, according to an online statement. No other details were provided. "The suspension has nothing to do with the rumor that Geely has talked with Ford about buying its Swedish unit Volvo," said Wang Ziliang. He declined to give more details on the subject. In the agreement signed between Geely and DSI, Geely will invest in the research and development of the Australian auto transmission supplier to help keep its leading role in the world's auto parts market. DSI entered bankruptcy proceedings in February due to the slowdown, said Wang. Wang said that Geely will continue to maintain DSI brand and its independence to better serve its global clients. http://news.xinhuanet.com/english/20...t_11084687.htm |
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28-03-2009, 01:59 AM
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Compulsive Hobbiest
Join Date: May 2006
Location: Ohio, USA
Posts: 1,032
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Quote:
If I were Geely I would want to keep my name off of a reputable company I just bought as well. Steve
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My Filmmaking Career Website Latest Project: Musclin' My XB Interceptor project Wife's 1966 Mustang My Artworks and Creative Projects Site Oil Paintings, Airbrushing, Metal Sculpture, Custom Cars, Replica Movie Props, Videos, and more! |
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China's Geely acquires Australian auto transmission supplier DSI.
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