Mitsubishi, Volvo Announce Global Partnership
Volvo AB and Mitsubishi Motors Corp. have completed an agreement to form an alliance that is expected to open new markets to both manufacturers in the United States and elsewhere around the world.
The partnership combines the resources of the world’s second-largest maker of heavy trucks with those of the third-largest automaker in Japan.
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The deal, announced Dec. 13, calls for the companies to purchase a 5% stake in each other. Also, Mitsubishi has committed to form a new truck and bus unit by the end of 2001, in which Volvo will acquire 19.9% of the shares.
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Adding to its stake in the venture, Volvo purchased 48.5 million shares of Mitsubishi common stock for $281 million on Nov. 30.
