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Daewoo assets boost LDV into light activity
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As its UK registrations plummet. LOV's acquisition of its ex-partner's assets has come just in time to spur on its new line-up.
LOY has received a major boost to its future plans by securing £125mworth of assets from ex-vehicle development partner Daewoo.
The acquisition should finally allow the apparently stalled project, which will see two separate WV vehicles ranging from 2.2 to 3.5 tonnes, to go ahead, The troubled Birmingham van maker, born out of the Daf collapse in 1986, showed a camouflaged example of the new line-up at this year's CV Show with a promise that it would arrive "soon". It now expects the new products to be launched within 18 months, which won't be a moment too soon as it struggles with Its current ageing line-up whose 2003 year-todate UK registrations are 25% down on 2002. Originally planned as a joint vehicle development between the two companies back in 1997, the deal broke down when Daewoo went into receivership in 2000, just nine months before vehicle testing was completed. The deal follows two and a half years of negotiation between WV and two separate receivers representing Daewoo Korea and Daewoo's business holdings in Poland, where the Korean company planned to build the model.
Steve Miller, corporate public relations director for LDV, says: "The negotiation process has been drawn out as not only the physical assets for vehicle manufacturing had to be secured but also the Intellectual property rights." WV plans to move tooling and assets weighing 6,250 tonnes from the two countries to its Drews Lane factory in Birmingham, where it is thought that up to an extra1,000 jobs will be created, along with a further investment of approximately £50m.
Miller added: "We currently sell 12,500 vans per year. This is predicted to increase to 50,000 within four to flve years with the introduction of the new vehicles. There are also plans to expand overseas, particularly into Europe."