Search

Geely completes Manganese Bronze takeover

2 min to read
Feb 2, 2013 12:47 PM CET

Geely completes Manganese Bronze takeover

China’s privately owned automaker Zhejiang Geely Holding Group Co said on Friday that it has finalized the acquisition for 11.04 million pounds ($17.46 million) of Manganese Bronze Holdings, the maker of the iconic London black cabs. The acquisition includes a plant, equipment and property, intellectual property rights and trademarks, said Geely.

The deal also includes Manganese Bronze’s 48 percent stake in a Shanghai joint venture set up with Geely in 2009 and Manganese Bronze’s stock of unsold vehicles.

Geely, which attracted worldwide attention after its acquisition of Swedish car brand Volvo in 2010, was already a shareholder in Manganese Bronze after buying a 19.97 percent stake in separate deals in 2006 and 2010.

Geely’s priority will be to re-establish the production, sales and servicing of vehicles on broadly the same basis as before Manganese Bronze went into administration last October. This will include the continued assembly of the TX4 model at Coventry plant in the UK, the Chinese company said in a statement.

Geely said that it is looking at the future needs of the London taxi market, with a view to developing new models to follow the TX4, improving energy efficiency and the environmental footprint of the traditional London cabs, as well as examining the potential for entering the private hire market.

“We are delighted to restore the fortunes of this totemic marque which is known, recognized and admired all around the world. Despite its recent difficulties, we have long believed that the company and the black cab have huge potential,” said Li Shufu, Geely’s chairman.

“We also believe that the brand, technology and design know-how of Manganese Bronze will benefit Geely and our own model range,” Li said.

Zhong Shi, an auto analyst based in Beijing, said that the unprofitable Manganese Bronze was “worth buying”, and that the relatively small deal “won’t bring a huge risk to Geely in the future”.

Via: ChinaDaily.

Recommended for you
e59bbee78987-45
Geely to take Zeekr private, leading to its delisting from the NYSE
Geely Galaxy A7 PHEV begins presale in China, from 14,500 USD
e59bbee78987-33
Geely Geome Xingyuan crowned champion of China’s H1 2025 sales, BYD Seagull second, Tesla Model Y third
Follow us for ev updates
China Car News
Geely
manganese bronze
Comments