Automotive
Chinese automaker Geely completed full buyout of London black cab manufacturer
Jalopnik reports that Zhejiang Geely Holding Group acquired the assets of historic manufacturer Manganese Bronze out of administration.
The short version
- Manganese Bronze, the longtime builder of London black cabs through its London Taxis International subsidiary, entered administration in October 2012 following four consecutive years without turning a profit.[Jalopnik]
- Zhejiang Geely Holding Group, which had formed a joint venture with the firm in 2006 and already held a 20 percent stake, purchased the principal assets for 11 million pounds in February 2013.[Jalopnik]
- Geely chairman Li Shufu stated that the transaction was intended to preserve the heritage brand rather than dismantle it.[Jalopnik]
Key facts
- London Taxis International, a subsidiary of Manganese Bronze Holdings, produced cabs at a Coventry facility starting in 1947.[Jalopnik]
- Manganese Bronze failed to record a profit for four years prior to entering administration in October 2012.[Jalopnik]
- Geely entered a joint venture with Manganese Bronze in 2006 to build taxis for China and held a 20 percent stake before the collapse.[Jalopnik]
- Geely acquired the primary assets of Manganese Bronze for 11 million pounds in February 2013, giving it 100 percent ownership.[Jalopnik]
Sources
Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.