More Chinese takeaways, Geely set for control of London black cab taxi maker

[Ford Jellymoulds]

LONDON, March 17 (Reuters)

* Geely says not decided whether to increase stake

 

* More production moved to China, 60 jobs to go at Coventry

 

* 2009 pretax loss 7.3 million stg vs 2008 loss 14.2 million

 

(Adds comments by Geely, cab driver, updates share price)

 

LONDON, March 17 (Reuters) - China's Geely Group is set to increase its grip on lossmaking London black cab taxi maker Manganese Bronze by taking a controlling stake and moving more of the production of the TX4 cab to China.

 

Geely, China's largest privately owned car maker, is also in talks to buy Ford's Swedish unit Volvo -- another of Europe's venerable motoring names.

 

Manganese Bronze said on Wednesday it was considering a placing of new shares with 20 percent shareholder Geely at 70 pence per share to give the group a controlling stake, and announced plans to shift production of bodies and chassis for the TX4 from its Coventry plant in central England to Shanghai.

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More jobs go down the Suwannee River for ever.

 

 

[NickF1011]

More jobs go down the Suwannee River for ever.

 

In this instance it doesn't seem like it would really matter. If the jobs didn't end up moving out of the UK, they'd probably simply be lost altogether when the company went out of business anyway.

[twintornados]

In related news, Geely will be buying the dies and equipment from St Thomas Assembly Plant to continue building the US version of the London black cab, the venerable Crown Victoria...also to be available in any color you want ,as long as it is black....

Edited March 19, 2010 by twintornados