Chinese firm buys London's black cab manufacturer

By Indo Asian News Service | Friday, February 01, 2013 | 8:42:03 PM IST (+05:30 GMT) Comment 0 Comment

Beijing, Feb 1 (IANS) Chinese carmaker Geely said Friday it has acquired the manufacturer of the iconic London black cab for 11.04 million pounds (around $17.5 million), Xinhua reported.

Beijing, Feb 1 (IANS) Chinese carmaker Geely said Friday it has acquired the manufacturer of the iconic London black cab for 11.04 million pounds (around $17.5 million), Xinhua reported.

The acquisition covers the business and principal assets of Manganese Bronze Holdings (MBH).

The deal has been agreed with PricewaterhouseCoopers, who were appointed administrators of the business in October 2012, a statement said.

The acquisition was carried out through Geely UK Limited, a subsidiary of the Zhejiang Geely Holding Group, and included plant, equipment and property, intellectual property rights, trade marks and the goodwill of the business, it said.

It also includes the MBH's 48 percent stake in the joint venture manufacturing company in Shanghai set up by Geely and MBH in 2009 and MBH's stock of unsold vehicles.

Geely's priority will be to re-establish the manufacture, sale and servicing of new and current vehicles.

This will include the continued assembly of the vehicles at MBH's existing Coventry plant in the West Midlands.

London mayor Boris Johnson said: "I am delighted that Geely has successfully secured the future of the London Taxi Company, ensuring the continuing manufacture of a world famous, fully accessible and instantly recognisable vehicle synonymous with London."

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