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LDV back in profit one year after GAZ purchase

18th July 2007 Print
LDV back in profit one year after GAZ purchase LDV is celebrating after officially returning to profitability, less than one year after being purchased by Russian firm GAZ.

The Birmingham-based van maker celebrated the news with a special 30-MAXUS van drive-away ceremony in Birmingham’s Centenary Square, attended by Birmingham’s Deputy Lord Mayor, Councillor Mike Sharpe.

Chief Executive, Steve Young, led the ceremony, which started at the firm’s Washwood Heath factory where LDV dealers all drove a brand new, award winning, MAXUS to the city centre venue.

Alongside the Birmingham event, Steve Young held an employee conference for the firm’s 930 employees, which includes 140 new people recruited by LDV in the last 12 months.

“Our celebrations round off an immensely successful 12 months,” said Steve Young. “GAZ has proved a fantastic new owner for the business, backing us financially with a £48 million refinancing package last year, and the resources to invest in new products and enter new markets.”

“As an industrial owner, not just a financial one, they bring great credibility to our growth plans when we speak with customers, dealers and suppliers.”

The investment has seen a new £6 million production line installed, and has led to more new product launches for LDV. In April the company launched several new products including a new MAXUS chassis cab range, new 12 and 17-seat MAXUS minibuses, a bi-purpose range and two new engines. Still to come this year, from the Special vehicle Operations team, will be a new MAXUS ambulance, a refrigerated model and a fire support vehicle. This will create around another 100 new jobs by the end of 2007.

One of LDV’s workers, Gary Harfield, said the news was great for him and his colleagues: “Nobody knew what was in store for us this time last year. I think we’ve proved a good purchase for our new owners.”

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LDV back in profit one year after GAZ purchase