Volvo interested to buy Saab’s test equipment image

Volvo Car Corporation, the Swedish automobile manufacturer owned by Zhejiang Geely Holding Group is interested in buying some of Saab Automobile’s machinery and test equipment, but it hasn’t yet placed a bid, Dow Jones Newswires reports.

Volvo has already acquired ex-Saab technical director last month. In addition, a spokesman for Volvo Sweden has also confirmed that the company has already recruited 40 ex-Saab employees in the wake of its bankruptcy, adding that he expected another 100 ex-Saab workers to join shortly.

Several companies have placed preliminary bids to buy bankrupt Swedish carmaker Saab, one of the administrators said on Tuesday, refusing to disclose their identities.
He repeated that there were four or five parties interested in buying Saab. He said most of them were from abroad but at least one was from Sweden.

Besides the Chinese carmaker Zhejiang Youngman Lotus Automobile Co, Turkish private investment company, Brightwell Holdings, and India’s biggest sports-utility vehicle manufacturer Mahindra & Mahindra Ltd. have expressed an interest in the assets of the bankrupt Swedish brand.

Saab hit crisis point early last year after its 2010 sales fell short of target.
Its production line came to a standstill in April and it has not made a car since then.
Swedish Automobile tried several times to line up buyers or financing, but all efforts so far have failed.