facebook
twitter
rss
account
search
search
 

Geely buys niche British automaker MBH

Feb. 2, 2013 at 1:36 PM   |   Comments

HANGZHOU, China, Feb. 2 (UPI) -- Chinese automaker Geely said it has purchased Manganese Bronze Holdings for $17.4 million and plans to revive the British niche automaker's operations.

MBH -- which is in administration, a British version of bankruptcy -- produces the iconic London Black Cab and owns 48 percent of a joint-manufacturing businesses in Shanghai, established with Geely in 2009.

China's official Xinhua news agency reported Saturday the Chinese automaker is buying MBH through Geely UK Limited, a subsidiary of Zhejiang Geely Holding Group.

The acquisition includes MBH's production facilities in Coventry, England.

Geely's plans include using as many current and former MBH employees as possible, the company said in a statement.

"We are delighted to have completed the acquisition of MBH's business and we are determined to restore the fortunes of this totemic marque which is known, recognized and admired all around the world," said Li Shufu, Zhejiang Geely Holding Group chairman.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Some iPhone users getting checks for liquid damage Some iPhone users getting checks for liquid damage
2
Boeing announces job relocations, business unit consolidation Boeing announces job relocations, business unit consolidation
3
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
4
Coca-Cola company, other soda makers, pledge to cut calories Coca-Cola company, other soda makers, pledge to cut calories
5
Exxon says it's safe from Russian sanctions Exxon says it's safe from Russian sanctions
Trending News
x
Feedback