Seddon goes to Enasa
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THE SALE of Seddon Atkinson to Enasa, the Spanish stateowned commercial vehicle builder, was approved last week by the Spanish Government.
This is the last major hurdle in the deal to buy the company from the troubled US International Harvester group, with Enasa paying a token price for shares in the company, and making an immediate £2m investment, two thirds of it with British banks' money, in the Oldham-based manufacturer's business.
It gives Enasa a strong foothold in Britain, with an option of selling other of its range at a later date, and removes years of uncertainty from Seddon's development.
Seddon managing director Gerry Wood head, who took over from American IH corporate management last year, said that the cash injection would enable the company to get its parts stocks back to an acceptable level.