On the news this morning:
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NEW ROVER OWNER TO MAKE UNDER 100,000 CARS A YEAR
LONDON, March 17 (Reuters) - The new owner of loss-making British car maker
Rover said on Friday that it would shrink the business and make less than
100,000 cars a year.
Rover's main production line at Longbridge, central England, now has annual
production of about 180,000 cars, well below capacity.
Private equity firm Alchemy Partners, which acquired the bulk of the Rover
business from German car maker BMW AG, also said it would seek ways to clear
some five months' worth of inventory. Managing partner Jon Moulton, speaking
to reporters, did not say whether this would involve price cuts.
Alchemy aims to announce its new management team for the rebranded Rover, to
be called the MG Car Comapny, early next week. It also hopes to have its
first new MG marque on the market within 18 months.
Moulton said Alchemy's strategy was to turn Rover into a niche medium-volume
car producer, following the model of luxury sports car company Lotus and
relying on cheaper aluminium composites rather than steel.
Alchemy said it had had no talks whatsoever with major car companies but
expected to use third-party engines and gearboxes, and would be exploring
partnerships.
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Inventory clearance sale maybe?
Regards,
Charles
'74 Midget
'68 Sprite
cdsorkin@ix.netcom.com
Bloomfield, NJ
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