UK: Some 50 parties thought to express Manganese Bronze interest
Up to 50 potential parties could be interested in London cab manufacturer, Manganese Bronze, as administrators evaluate bids to rescue the TX4 producer.
Manganese Bronze went into administration when it was hit by a recall following problems with steering boxes supplied from China, although administrators, PricewaterhouseCoopers, say an unnamed British component maker will step in to ensure around 400 vehicles return to service.
A spokeswoman for PwC today (20 November) told just-auto there was a figure of around 50 possible parties being mooted which had expressed interest in Manganese Bronze, although some were more serious than others, with the firm now evaluating that initial list.
"They [PwC] have been speaking to quite a few interested parties since they were brought in as administrators," the spokeswoman told just-auto. "We have not spoken about names - that is highly confidential.
"There are four administrators appointed on 30 October and they have an administration team who are on site at the Coventry plant as well."
Such is the interest surrounding the loss-making producer of the iconic London cab, that several international film crews ranging from South Korea, France and Germany are currently at its UK plant of Coventry.
Manganese Bronze is owned 20% by Geely, the Chinese car company that introduced the cab maker to the original steering box supplier.
PricewaterhouseCoopers had been looking for a solution to the steering defect since taking control of the company last month and says new steering boxes will start to be fitted this week.
Geely refused to provide Manganese with US$23m rescue financing and the administrators were called in, putting 300 jobs at risk.
The new steering box will also be fitted to 500 unsold vehicles so they can be released to the market early next year.
Quarterly/fiscal full year results continued to roll in this week with a healthy uptick at Suzuki in 2012/3, the latest Japanese automaker to finally shrug off the combined effects of the double whamm...
Datamonitor's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organ...
This QUBE report from just-auto provides a comprehensive overview of the global automotive steering systems sector, major suppliers, top 14 markets, technology trends and market size forecasts. Use th...
Geely Group's Volvo Cars is ramping up production of its V60 plug-in diesel hybrid by 90% to cope with strong demand across Europe, particularly in Holland, Belgium and Italy....
Analysts in this report forecast the Electric Vehicle market in China will grow at a CAGR of 192.4 percent in terms of units sold over the period 2011-2015. One of the key factors for this growth is t...
Geely's Volvo Car Group today (Monday 13 May, 2013) began production of a new family of four cylinder petrol and diesel engines at its revamped Skövde engine plant....
TechNavio's analysts forecast the Automobile Manufacturing industry in China to grow at a CAGR of 16 percent in terms of revenue over the period 2011-2015. One of the key factors for this growth is th...
Detroit Electric, the start-up electric car maker is to partner with China's Geely Automobile to develop EVs for the Chinese market....
- ANALYSIS: The models to be axed by PSA's Tavares
- THE WEEK THAT WAS: The bubble car returns
- Management briefing: UK engine manufacturing (1)
- THE WEEK THAT WAS: Carlos sharpens the knife
- COMMENT: PSA's Tavares plots turnaround
- BEIJING DEBUTS: New Cruze, but old model to remain
- 2014 NYIAS: List of world premieres
- PSA issues new business plan
- Discovery Sport to replace Land Rover's Freelander
- Former Bentley chief returns for another round
- Jaguar Land Rover: Providing remarkable growth throughout the economic downturn
- PLDB - vehicle cycle plan database (annual subscription)
- Ford Motor Company - Strategy and SWOT Report
- Plunkett's Automobile Industry Almanac 2014: Automobile Industry Market Research, Statistics, Trends & Leading Companies
- Global light vehicle materials market 2008 to 2028