Coventry employers the London Taxi Company has announced some very welcome news with the signing of a new 10-year distribution agreement worth more than £44 million with the newly-formed London Taxi (Aust) Limited.
The deal will grant London Taxi (Aust) Limited exclusive rights to sell and distribute LTC’s iconic London taxis throughout Australia and New Zealand. Australia alone currently has more than 21,000 licensed taxis on the road. LTC’s Coventry facility will produce the first order of 200 TX4 taxis during 2016, before they are distributed across major cities in Australia.
The deal brings more positive news for the Coventry based manufacturer at a time when it’s investing £300m in product development and in the creation of a brand new research, development and production facility on Ansty Park, Coventry.
Another Coventry employer, CAD CAM Automotive is set to create 1,000 jobs in Coventry. A delegation from China flew into the West Midlands to finalise the merger deal between CCA and China Red Sun Group.
The deal involves an investment of £300m over the next five years, starting with an initial investment of £50m on a new energy and new power complete vehicle R&D centre.
Red Sun Group is one of China’s Top 500 companies both in the manufacturing industry and private sector. It employs over 7,000 people and has a turnover of more than £2bn.
Managing director Martyn Wheeler said: “Red Sun Group has recognised a great opportunity to be part of the exciting vision we have for the future of the company and we were delighted to welcome the delegation to Coventry to finalise the deal and to arrange this civic reception.”
Jonathan Browning, chairman of the Coventry and Warwickshire LEP, added: “This major investment and job creation underlines Coventry and Warwickshire’s leading position in the UK within the automotive sector.
CCA CAD CAM Automotive – based on Holbrook Lane – is a high-technology, creative design, development and manufacturing company.
It can trace its roots back more than 100 years, and has a solid reputation in the UK automotive industry.
This is very welcome news in the light of recent problems at nPower. Coventry remains a great place to live and work with nationally recognised top employers such as Jaguar Land Rover, University of Warwick, Coventry University, Barclays, Tata Engineering and Eon.