Iveco is to purchase the remaining 15.2% of the issued share capital held by Ford in Iveco Ford Truck Ltd, in accordance with the terms of agreement between Ford and Iveco.
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This action, which is expected to be completed during June, will end the UK link between Iveco and Ford which has existed since 1986.
Therefore Iveco Ford Truck Ltd will change its name to Iveco Ltd. The change of company name and the cessation of the use of the Ford trademark will provide an opportunity to re-brand Iveco Ford and its dealer network. This will strengthen the Iveco brand identity in the UK.
Iveco Ford Truck Ltd managing director Giuseppe Franchi said: “All products sold in the UK since 1991 have been manufactured by Iveco and the change of name is a natural progression for Iveco to become a stand-alone brand as it is in Europe. It has been a mutually beneficial relationship for both organisations and each will now be able to concentrate on its core strengths.”
Ford’s UK managing director Paul Thomas said: “We have enjoyed a long and fruitful relationship with Iveco, but as Ford has not been significantly involved in the heavy truck market on a global basis for a number of years both parties agree it is right to bring this relationship to an end.”
