UPI in English  |   UPI Arabic  |   UPI en Español  |   UPIU

Geely buys niche British automaker MBH

Published By United Press International
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.

Photo Gallery
1 of 1
Tour de France concludes in Paris
Race winner Bradley Wiggins of Great Britain (C) stands between second place finisher Christopher Froome of Great Britain (L) and third place finisher Vincenzo Nibali of Italy on the presentation podium following the final stage of the Tour de France in Paris on July 22, 2012. Wiggins of Great Britain became that country's first ever overall winner of the Tour de France. UPI/David Silpa