Ford Motor Company announced today it has completed the sale of Volvo and its related assets to the Zhejiang Geely Holding Group Company Limited.

The total purchase price paid by Geely for Volvo was $1.8 billion, including a $200 million and the balance in cash. Today, Geely issued the note and paid $1.3 billion in cash to complete the sale.

“Volvo is an excellent brand with a strong product line, and it has returned to profits after a successful restructuring. We are confident Volvo has a solid future under Geely’s ownership,” said Alan Mulally, Ford’s president and CEO. “At the same time, the sale of Volvo will allow us to sharpen our focus on the Ford brand around the world and continue to deliver on our One Ford plan serving our customers with the very best cars and trucks in the world.”

Ford has agreed to cooperate with Volvo to ensure a smooth transition but has not retained any ownership in Volvo. Ford will continue to supply Volvo with powertrains, stampings and other vehicle components. Ford will also provide engineering support, information technology, access to tooling for common components, and other selected services for a transition period.

“The Volvo team has made tremendous progress in restructuring its business and delivering results during the sale process,” said Lewis Booth, Ford executive vice president and chief financial officer. “We believe this agreement will provide Volvo with the necessary resources, including the capital investment, to strengthen the business and to continue to move it forward in the future. We wish Volvo’s management team, employees and new owners every success for the future.

“Ford appreciates the support of the Volvo management team, Volvo’s labor unions and the government officials in Sweden and China during this transaction,” Booth added.

As previously announced, Stephen Odell, CEO of Volvo Car Corporation, is returning to Ford as group vice president and Chairman and CEO of Ford Europe. Stuart Rowley, CFO of Volvo Cars, is returning to Ford as chief financial officer, Ford Europe.

“Volvo is a proud company with a talented and dedicated team of employees,” Odell said. “I am especially pleased that with Ford’s continued investment in recent years, Volvo is well positioned for the future with an exciting range of products that remain true to its core values – safety, quality, environmental responsibility and modern Scandinavian design.”