LDV back in profit
Saturday, August 18, 2007
LDV is celebrating after officially returning to profitability, less than one year after being purchased by Russian automotive manufacturer GAZ.
The Birmingham-based van maker celebrated the news with a special 30-strong Maxus van drive-away ceremony in Birmingham's Centenary Square, attended by Deputy Lord Mayor, Councillor Mike Sharpe.
Chief Executive, Steve Young (pictured), led the procession which started at the company's Washwood Heath factory.
Young also hosted a conference for the firm's 930 employees, which includes 140 newcomers recruited by LDV in the last 12 months.
“Our celebrations round off an immensely successful 12 months,” said Young. “GAZ has proved a fantastic new owner for the business, backing us financially with a £48m 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, GAZ brings great credibility to our growth plans when we speak with customers, dealers and suppliers,” Young continued.
The investment has seen a new £6 million production line installed and has led to new product launches. April saw the introduction of several new products including the long-awaited chassis cab range, 12- and 17-seater minibuses, a bi-purpose range and two new engines.
Still to come this year from LDV's Special Vehicle Operations team will be an ambulance, a refrigerated model and a fire support vehicle. This will create around another 100 new jobs by the end of 2007.
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