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| Coventry taxi maker LTI sold to Chinese firm Geely for £11.4m | Coventry taxi maker LTI sold to Chinese firm Geely for £11.4m |
| (35 minutes later) | |
| The black taxi manufacturer LTI has been sold for £11.4m to the Chinese car manufacturer Geely. | The black taxi manufacturer LTI has been sold for £11.4m to the Chinese car manufacturer Geely. |
| The company has acquired the "business and the principal assets" of Manganese Bronze Holdings (MBH), the manufacturer of the cabs. | |
| LTI in Coventry went into administration in October with 99 out of its 176 workers losing their jobs. | LTI in Coventry went into administration in October with 99 out of its 176 workers losing their jobs. |
| The deal, which it said will safeguard production in the UK, was agreed with administrators Pricewaterhouse Coopers. | The deal, which it said will safeguard production in the UK, was agreed with administrators Pricewaterhouse Coopers. |
| 'A healthy future' | |
| Geely said that its priority will be to re-establish the manufacture, sale and servicing of new and current vehicles, including the continued assembly of the TX4 at the Coventry plant. | |
| Li Shufu, Chairman of Zhejiang Geely Holding Group, said: "We are delighted to have completed the acquisition of Manganese Bronze Holdings' business and we are determined to restore the fortunes of this totemic brand which is known, recognised and admired all around the world. | |
| "We are a long-term and committed investor and we believe the illustrious past of the London black cab can be matched by a successful and healthy future. | |
| "We have ambitious plans for the business and, despite it being clear that there are a number of challenges to overcome, we are committed to working with all stakeholders to build a solid future for the black cab business that will enable it to return to profitability in the short term and grow substantially in the longer term." | |
| Geely made an initial investment in MBH in 2006, in return for a 19.97% equity stake, and established a joint manufacturing facility in China. | |
| It was also the biggest single creditor when the company went into administration. | |
| The acquisition includes plant, equipment and property, intellectual property rights, trade marks and the "goodwill of the business." | |
| It also includes MBH's 48% 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 has said that it will involve the current workforce as much as possible. |