Thursday 2 October, 2008
MITSUBISHI MOTORS CORPORATION TAKES 100% STAKE IN UK CAR SALES AND SERVICE OPERATIONS
It has been announced to dealers and staff that, following the retirement of Mr David Blackburn, Colt Automotive Ltd has agreed to sell its 51% shareholding in The Colt Car Company Limited (CCC), the sole distributor of Mitsubishi Motors [Corporation] in the UK.
The shares will be bought by MC Automobile (Europe) NV (MCAE), a wholly-owned subsidiary of Mitsubishi Corporation. MCAE previously held 49% of the shares in CCC. As a result of this acquisition, CCC becomes a wholly-owned subsidiary of MCAE.
Final contracts are to be signed in London on October 3rd, 2008.
Mitsubishi Corporation is Japan's largest general trading company (sogo shosha1) with over 200 operational bases and 500 group companies in approximately 80 countries worldwide. One of MC’s core businesses is motor vehicle distribution, including involvement in the Mitsubishi Motors distribution companies in Spain, Portugal, Poland and Italy.
In addition, MC is one of three major shareholders in Mitsubishi Motors Corporation (MMC). Over many years, MC has supported MMC’s business around the world, both upstream and downstream, including parts manufacturing, vehicle assembly, sales and automobile finance.
Of the executives, Stephen Blackburn will resign as an executive director and Frank Hirst and Michael Lang as non-executive directors and will leave CCC, while Jim Tyrrell will continue as Chief Executive.
In all other respects CCC will continue its operations as before with an unchanged management team.
The subsidiary and associated businesses of Colt Cars Mid-West Ltd and Shogun Finance Ltd will continue as before but under the new ownership structure.
MCAE has also acquired the 49% shareholding held by Colt Automotive Ltd in Spitalgate Dealer Services Ltd.
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