Mitsubishi Motors has confirmed that Mitsubishi Motors Corporation (MMC) acquires from Volvo Car Corporation (VCC) its fifty percent share of the commonly owned car plant in Born, Netherlands.

From Tokyo today, it is confirmed by Mr. Takashi Sonobe, President and CEO of MMC, and Mr. Hans-Olov Olsson, President and CEO of VCC that a principle agreement was made to transfer VCC fifty percent shareholding in NedCar to MMC on March 30th, 2001 following the signing of a formal agreement. This will have no impact on the production of current Mitsubishi's Carisma, Spacestar and Volvo S & V 40.

Takashi Sonobe said:
"The acquisition of this plant is a basis for our future joint production of Z-car with DaimlerChrysler. It will continue to be an important base for our European Operation."

Hans-Olov Olsson said:
"The Born plant will continue to be an important part of VCC's industrial structure for the production of S & V 40 until mid 2004.", says Hans-Olov Olsson.