As once-great brands continue to pass away or change hands, Chinese car maker Zhejiang Geely has signed a deal to buy Volvo Cars from Ford. The price tag was $1.8 billion, less than a third of the $6.4 billion Ford paid for Volvo Cars in 1999.

The deal will bring to an end Ford’s decade-long association with the premium Swedish brand, known for its sturdy, family-friendly cars.

Geely chairman Li Shufu has previously told Chinese news agency Xinhua that nothing will change for Volvo. “Volvo and Geely will be two independently managed brands,” he said.

GM recently sold Swedish firm Saab to the Dutch sports car manufacturer Spyker.