American car giant, Ford says it has come to an agreement on the sale of its Swedish car company, Volvo.
The purchaser is the Chinese car manufacturer Geely – and the contract is expected to be formally signed at the beginning of 2010.
Geely is China’s largest private sector car company and began life as a fridge manufacturer in 1997.
Ford, on the other hand, has been trying to sell Volvo since landing in financial difficulties due to the recession.
22,000 people work for Volvo, RUV reports.