Newspaper article The Journal (Newcastle, England)

Tanfield Propose US Consolidation Deal

Newspaper article The Journal (Newcastle, England)

Tanfield Propose US Consolidation Deal

Article excerpt

ELECTRIC van maker Tanfield is aiming to combine its British and American businesses into one and said the US wing is considering a flotation early next year.

The Washington-based business said it had signed a non-binding heads of terms agreement to consolidate Smith Electric Vehicles UK (SEV UK) and Smith Electric Vehicles US (SEVUS).

The proposed new deal replaces SEVUS's initial plan announced in March to buy itself out of Tanfield's ownership and then to pay pounds 37m to for SEV UK.

Tanfield owns 49% of SEVUS and would retain a share in the combined company, although it is not yet known how much.

Tanfield said in a statement: "The strategy to consolidate both entities is as a consequence of a review of how to optimise shareholder value and a review of general market opportunities. "The market review recognises the incentives and legislative factors influencing demand for low-carbon technologies.

"Under these updated terms of the consolidation Tanfield Group is expected to retain a significant interest in the combined entity and share in its future growth and opportunity. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.