China’s Zhejiang Geely buys Manganese Bronze, safeguards 107 jobs
Chinese car manufacturer Zhejiang Geely on Friday confirmed that it purchased world-famous London black cabs maker Manganese Bronze, which had slipped into administration last year.
Geely, which already owned nearly 20 per cent of Manganese Bronze, acquired the remaining the business and its assets through its newly established British subsidiary Geely UK, for £11.04 million.
The deal safeguarded all 107 of the British production jobs in Coventry.
Li Shufu, chairman of the Chinese car maker, they decided to purchase Manganese Bronze despite its recent difficulties because had long believed that the Black Cab and their producer had huge potential.
Speaking on the topic, Shufu said, "We have ambitious plans for the business and, despite it being clear that there are a number of challenges to be overcome."
He added that Geely UK would work with all stakeholders to build a solid future for the Black Cab business that would enable the struggling car maker to return to profitability in the short term and grow significantly in the longer term.
Manganese Bronze had slipped into administration in October last year, following the recall of four hundred taxis after a steering glitch was detected. Lack of financial support had forced the company to halt production and sales, and shed more than 156 workers.