HVBS future is secured
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• Mentor Automotive has bought LucasVarity's Heavy Vehicle Braking Systems (HVBS) division, ending the uncertainty over its future since it was put on the market in August.
Mentor (formerly known as ROR), has paid £235m cash for seven sites throughout the US and Europe. Half of the divi sion's 1,800-strong workforce are employed at the massive plant at Cwmbran, South Wales.
The two operations have broadly similar product line-ups, and the deal is seen as a means for Mentor to significantly increase its presence on the European market, both at manufacturer and aftermarket levels. In particular, it "will assist Mentor in supporting commercial vehicle OEMs in Europe in their move towards disc-brake technology," says chairman and chief executive Larry Yost • I,ucasVarity shareholders recently blocked a plan by the company's board to transfer the headquarters and share listing from London to New York.