Another British Company Bites the Chinese Dust
Zhejiang based HuaXiang has just hit the automotive jackpot by buying the British company Lawrence Automotive Interiors. Nottingham based Lawrence Automotive Interiors was a subsidery of Manga International, the worlds third largest automobile parts manufacturer. Over the past few years, due to high labour costs in the UK and the overall cost cutting and fall in new car prices across the globe, Lawrence Automotive has failed to turn a profit and was thus sold to the Chinese company Huaxiang for 3.4 million GBP. Its unsure at the moment what plans Huaxiang has for Lawrence UK but they have gained the rights to supply Saab, Cadillac, PSA Peugeot Citroen.
Lawrence Automotive Website