Ford Head Nixes Volvo Truck Merger Rumors
January 5, 1999
Jan. 6 – Although Ford has an open mind about acquisitions, the company is not talking to Volvo about getting back into the heavy-duty truck business, Ford CEO Jacques Nasser said Monday at the North American International Auto Show.
“We are not in any discussions on heavy trucks with anyone,” Nasser said, according to published reports.
Since Daimler-Benz’s acquisition of Chrysler last year, many in the automotive industry have been speculating on who the next big merger will be.
“Everyone talks to everyone,” Nasser said. Ford and Volvo have reportedly discussed some sort of partnership to develop vehicles, but Nasser said it wasn’t a merger. Ford also has been mentioned as a potential partner with BMW. Much of the speculation comes from the fact that Ford has $13 billion in cash and $10 billion in securities that could make acquisitions easier.
Ford sold its heavy-duty truck business to Freightliner, which now markets the former AeroMax and Louisville trucks under the Sterling nameplate.