Page last updated at 18:33 GMT, Thursday, 15 October 2009 19:33 UK

LDV assets sold to Chinese firm

LDV machinery at Washwood Heath
Machinery at LDV in Washwood Heath could be shipped out to China

The assets of the Birmingham van maker LDV are to be sold to a Chinese vehicle engineering firm, administrators have announced.

LDV went into administration on 6 May but production stopped last Christmas.

PricewaterhouseCoopers (PwC) said it had exchanged contracts earlier with China Venture's firm Eco Concept, after weeks of "intensive" negotiations.

BBC Midlands transport correspondent Peter Plisner said it meant much of the machinery and plant would go to China.

He said: "It seems likely now that most of the company's machinery will be shipped from Birmingham to China with echoes, perhaps, of what happened at MG Rover, where hopes of a Chinese rescue turned out to be a false dawn."

LDV employed about 800 staff at its Washwood Heath plant in Birmingham in April and an estimated 1,200 people were employed in LDV dealerships.

Thousands more workers were also employed by firms manufacturing parts for LDV.

Simon Jennings, former managing director of Kayjay engineering, which used to make LDV parts, said: "At this moment in time, we would be happy to do business with any new LDV company."



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SEE ALSO
Firm pulls out of LDV talks again
14 Sep 09 |  West Midlands
LDV in 'exclusive' sale talks
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Sale of LDV "unlikely in July"
23 Jul 09 |  England
Six considering investing in LDV
30 Jun 09 |  West Midlands
Administration deadline for LDV
29 Apr 09 |  Business

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