Saturday, October 17, 2009

LDV assets sold to Chinese company

All the assets of failed van maker LDV have been sold to a Chinese firm Eco Concept by the administrators PricewaterhouseCoopers. Eco Concept is headed by Dr Qu Li the former consultant to MG Rover.

The administrator said Eco Concept intends to relocate the assets from the current site in Washwood Heath, Birmingham and most industry watchers expect production to be transferred to China.

LDV has not produced vans since Christmas and went into administration in June when its Russian owner GAZ decided not to inject more working capital into the plant which employed around 800 workers.

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