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.
Diving in at the deep end is no excuse for shirking the style stakes
- 1 Stephen Fry ‘criticises Operation Yewtree in dinner party rant’ calling for tougher laws to deter false sex abuse allegations
- 2 Why I'm on the brink of burning my Israeli passport
- 3 Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
- 4 L'Oreal cuts ties with Belgium supporter Axelle Despiegelaere after hunting trip photographs
- 5 War is war: Why I stand with Israel
Ian Thorpe gay: Olympic swimmer comes out in Parkinson interview
Gaza-Israel conflict: Pro-Palestinian demonstrators take to streets of London, Paris and New York in wave of protests
Israel-Gaza conflict: ‘Sderot cinema’ image shows Israelis with popcorn and chairs 'cheering as missiles strike Palestinian targets'
Israel-Gaza conflict: Israeli air strike destroys home for the disabled killing two women residents
Israel-Gaza conflict: Israeli PM says conflict may 'continue for a long time' as hundreds of Palestinians flee their homes
Sustained immigration has not harmed Britons' employment, say government advisers
War is war: Why I stand with Israel
7/7 memorial defaced on anniversary of 2005 attacks with ‘Blair lied thousands died’ graffiti
Australia facing international condemnation after turning around Sri Lankans at sea
Even when it brutalises one of its own teenage citizens, America is helpless against Israel
Socialist Worker called to apologise over ‘vile’ article saying Eton schoolboy Horatio Chapple's death is ‘reason to save the polar bears’
iJobs Money & Business
£70000 per annum: Harrington Starr: Information Security Manager (ISO 27001, A...
£75000 - £85000 per annum + ex bens: Deerfoot IT Resources Limited: Biztalk Te...
£60000 per annum: Harrington Starr: Trade Desk Specialist (FIX, Linux, Windows...
£35000 per annum: Harrington Starr: Service Desk Analyst (Windows, Active Dire...