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A.C.V. Investment in Spain
Page 53
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ESS than three weeks after the board of Associated Commercial Vehicles, Ltd., announced that agreement in principle had been reached whereby they would purchase the entire share capital of Transport Equipment (Thornycroft), Ltd., an agreement has been signed with Barreiros S.A. of Madrid whereby A.C.V. will undertake a substantial investment in Spain.
A new Spanish company, BarreirosA.E.C., S.A., is to be formed to undertake the manufacture in Spain of " Dumptruks " and buses designed and developed by A.C.V.'s main subsidiary, A.E.C. A.C.V. will have a substantial share holding in Barreiros-A.E.C. and Mr. J. D. Slater, commercial director of A.E.C., will join the board of the new company.
Barreiros S.A., who employ some 7,000 workers in their modern factories in Madrid, are leading manufacturers of diesel engines, gearboxes, agricultural tractors and medium-weight trucks, and in addition produce numerous all-wheeldrive vehicles for the Spanish and Portuguese armed forces. The range of A.E.C. " Dumptruks " and buses to be manufactured by Barreiros-A.E.C. will complement the existing Barreiros range of vehicles.
During negotiations, representatives of Barreiros expressed particular interest in the A.E.C. 10and 18-cu.-yd. " Dumptruks " since at the moment Spain is in the midst of a large-scale national construction programme which will involve the employment of considerable numbers of such.vehicles.