For immediate release
13th May 1997
Swire enters automobile business in Hong Kong
with Volvo distributorship
Swire Pacific Ltd. today announced that its newly-formed automotive subsidiary, Taikoo Motors Ltd., has signed a Sales and Purchase Agreement with Jebsen & Co. to acquire the distributorship of Volvo automobiles in Hong Kong and South and Central China.
Mr. James Hughes-Hallett, Executive Director of Swire Pacific, said that the company has been a distributor of Volvo cars in Taiwan since 1977 and in Northern and Eastern China since 1993.
"Taiwan has been consistently one of the largest Volvo markets in Asia and this year, our Volvo car sales in China has enjoyed very healthy growth. The addition of Hong Kong and South and Central China will enable Swire to enjoy synergy within its automotive division and to take advantage of the opportunities within the Greater China region.
"Volvo's range of new models to be launched in Hong Kong in the coming months makes this a particularly exciting opportunity. Swire is delighted to be broadening its partnership with Volvo which is already of long-standing and benefits from a particularly good cultural 'fit' between the two companies," Mr. Hughes-Hallett added.
With this acquisition, Swire Pacific will be holding the Volvo car franchise for most of China including Hong Kong and Macau.
Volvo is at present represented by Cimbria Motors (a subsidiary of Jebsen & Co.) in Hong Kong and South China. It is expected that the transfer of the agency will be completed by the end of June 1997. Volvo customers will be individually informed of the change before that date.
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