Volvo ties up with UK firm
Thursday 19 January 1995
The new company will produce convertibles and coupes in Uddevalla, Sweden, with design work being done at TWR factories at Chipping Norton and Kidlington in Oxfordshire.
The initial engineering contract is expected to be worth £150m to TWR, a private company formed in 1976 that now employs 600 at five sites. A spokesman said last night: "It is one of the biggest contracts we have had and is a long-term commitment from Volvo. It will run into the next century and certainly safeguard jobs."
TWR will have a 51 per cent stake and the Swedes 49 per cent. Its share capital will be £8m. Volvo said its investment in the new company's car production would be Skr1.5bn (£129.3m). Talks had been going on between the parties about the project for mostof 1994.
The TWR spokesman added: "When the planned merger of Renault and Volvo broke down in 1993 I think Volvo sat down and thought how best to survive and expand. I think they concluded one way forward was to introduce motor sport and niche markets to introduce new brand values into their name."
The upshot was that the Swedish group re-entered the motor racing world last year when TWR designed and built the mechanics of the Volvo 850 estate, which entered the British Touring Car Championship.
Volvo also announced other investment initiatives yesterday. These include a Skr1.7bn investment by its trucks division in its Swedish and other European plants. Volvo Car Corp is also investing Skr1.7bn in the paint shop of its passenger car plant in Ghent, Belgium.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign
Ellen DeGeneres leads Johnny Depp, Gwyneth Paltrow and Paul Bettany in revealing game of Never Have I Ever
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...