Taxi! Chinese Company Finds Fair Deal In London Cab Maker
The iconic black cabs of London got a lift Friday when a Chinese company rescued the British automaker that manufactures the taxis. Zhejiang Geely Holding Group said it will pay $17.5 million to buy Manganese Bronze Holdings, which has been making the cabs since 1899.
"We are delighted to have completed the acquisition of MBH's business and we are determined to restore the fortunes of this totemic marque which is known, recognised and admired all around the world," said Li Shufu, group chairman at Geely, according to The Telegraph.
Last year, Manganese had to recall 400 of its newest vehicles after a mechanical defect was found, leaving hundreds of cabbies unable to ply their trade, as Vicki Barker reported for Weekend Edition Saturday.
The company went into administration — a form of creditor protection — on Oct. 30, Bloomberg News said. Prior to that, Manganese had 274 workers. That number has fallen to 107 employees.
The Two-Way
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