The most important purpose of this acquisition is to ensure that the iconic taxi (TX4) owned by British Manganese Copper Holding Company can continue to be produced and sold in the future. In the future, Geely will focus on the production, sales and after-sales service of existing products and new products of Manganese Copper Holdings, and restore the profitability of the company through new team and management methods.
Acquisition background:
Geely entered British Manganese Copper Holdings in 2006, holding 65,438+09.97%. In June, 2007, the two sides also cooperated to establish a joint venture factory in China (which is now the production base of TX4 models in Britain). However, due to the global financial crisis and the European debt crisis, as well as the difficulties in operating Manganese Copper, Manganese Copper Holdings finally entered the custody process. Geely became the largest single creditor of Manganese Copper Holdings after it was declared as custody.
Collection content:
The acquisition was completed through Geely British Group Co., Ltd., a subsidiary of Zhejiang Geely Holding Group. The assets acquired by British Manganese Copper Holdings include factory buildings (Coventry factory), equipment, real estate and all intangible assets (including intellectual property rights, trademarks and goodwill). ), 48% of the joint venture factory established by Manganese Copper Company and Geely, stock vehicles.
Future planning:
After the acquisition, Geely will focus on restoring the production, sales and after-sales service of existing products and new products of Manganese Copper Holdings to the pre-trusteeship level, including continuing to assemble TX4 models at the Coventry factory of Manganese Copper Holdings.
In addition, Geely has formulated the future development plan of Manganese Copper Company. With its experience in the automobile industry, it will bring synergistic development effect and provide business opportunities for taxis in London to the maximum extent. At the same time, Geely will also study the future market demand of London taxis, develop new models based on the existing TX4 models, improve the energy efficiency and environmental protection performance of London taxis, and explore the potential possibility of entering the private rental market.
Geely promises to retain the existing employees to the maximum extent, achieve sustained business growth, and provide opportunities for employees to grow, thus ensuring the long-term profitable future of Manganese Copper Company. In terms of high-level personnel changes, Li Donghui, a member of the board of directors and chief financial officer of Zhejiang Geely Holding Group, will become the chairman of Geely UK Group Co., Ltd., and Peter Johnson, chief financial officer of Manganese Copper Holding Group, will become the executive vice president of London taxi business of Geely UK Group Co., Ltd.
Zhejiang Geely Flower 1 1.04 million pounds lightning to buy British manganese copper 100 days.
Black taxis are part of the British manufacturing heritage. Black taxis produced by Manganese Copper since 1948 are recognized as the landmark landscape on the streets of London, thus becoming one of the impressive "protagonists" at the closing ceremony of the 20 12 London Olympic Games. However, due to the small scale and single product, manganese copper has been making ends meet in the automobile industry with fierce competition and king scale since 2008.
In recent years, the company's sales continued to decline, with a year-on-year decrease of 9.11%to 1.502 vehicles, with meager profits. This year, more than 400 new cars were recalled due to steering gear failure, which further damaged the cash flow. Therefore, it was transferred to the creditor protection state and turned to its partner Geely for help.
Li Donghui said that after the acquisition, Geely will give full play to the synergistic development effect and provide business opportunities for London taxis with its rich knowledge and experience in the automobile industry. As part of the business plan, a new model will be developed based on the current TX4 model to improve the energy efficiency and environmental protection performance of London taxis and explore the possibility of entering the private rental market. But the future production base will still be mainly China.