Volvo to invest $105 mln in China engine plant

Newswire

BEIJING, March 29 (Reuters) - The world's number-two truck maker AB Volvo said it signed an agreement on Monday to invest $105 million in an engine plant in China. The agreement was signed with partners China National Heavy Truck Corporation and First Automative Works. Volvo will own 52 percent of the plant, while the other two firms will have 24 percent each. The plant aims to produce 50,000 engines by 2010.

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