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 political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
New York police shooting: thousands turn out for the funeral of Rafael Ramos
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
Millions of Britons struggling to feed themselves and facing malnourishment
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...