Friday, September 05, 2008
LDV Owners in Major European Investment
The owners of Birmingham-based van maker LDV has announced a major investment in a specialist European diesel engine design and manufacturer.
GAZ Group, Russia’s leading manufacturer of commercial vehicles, has bought a 50 per cent stake in VM Motori, alongside General Motors Corporation.
The Italian-based company currently supplies LDV with the latest hi-tech diesel engines for its MAXUS range, along with other international brands including Chrysler and Jeep.
As part of the agreement GAZ Group will produce the hi-tech VM Motori engines under licence for the MAXUS range and have more control over the transfer from the production line to the LDV site in Birmingham.
GAZ Group’s chief executive, Sergey Zanozin, said: “Having more control of the production and supply of the diesel engines for the MAXUS range of light commercial vehicles, will help the company achieve key strategic goals.
“GAZ Group intends to provide a complete range of diesel engines to meet existing and future customer and environmental requirements for its global markets.”
LDV’s chief executive, Evgeniy Vereshchagin, said: “This significant investment by the group will give LDV greater access to a wide range of state-of-the-art diesel engines.
“It’s an exciting development and allows the company increased flexibility and input in developing future engines for the MAXUS range.”
DATED: 05.09.08
FEED: LDV
GAZ Group, Russia’s leading manufacturer of commercial vehicles, has bought a 50 per cent stake in VM Motori, alongside General Motors Corporation.
The Italian-based company currently supplies LDV with the latest hi-tech diesel engines for its MAXUS range, along with other international brands including Chrysler and Jeep.
As part of the agreement GAZ Group will produce the hi-tech VM Motori engines under licence for the MAXUS range and have more control over the transfer from the production line to the LDV site in Birmingham.
GAZ Group’s chief executive, Sergey Zanozin, said: “Having more control of the production and supply of the diesel engines for the MAXUS range of light commercial vehicles, will help the company achieve key strategic goals.
“GAZ Group intends to provide a complete range of diesel engines to meet existing and future customer and environmental requirements for its global markets.”
LDV’s chief executive, Evgeniy Vereshchagin, said: “This significant investment by the group will give LDV greater access to a wide range of state-of-the-art diesel engines.
“It’s an exciting development and allows the company increased flexibility and input in developing future engines for the MAXUS range.”
DATED: 05.09.08
FEED: LDV
