LONDON – As part of a massive restructuring, one of Britain’s biggest auto parts manufacturers is being sold to the US company GM.
Auto Parts UK Ltd., which produces the car parts for Jaguar Land Rover and Land Rover Discovery, has been sold to American auto parts maker GM for $3.3bn.
The deal, which includes the sale of another Jaguar Land Rovers’ factory in Scotland, is being made by the UK-based group and is subject to regulatory approval.
GM said in a statement it was looking forward to “building a strong and sustainable future for Auto Parts UK”.
The company’s chairman, Nick Bratman, said in the statement: “The Auto Parts Group has always been committed to building a strong, sustainable future in the UK.
The company has been in the spotlight in recent months after revelations that it paid bribes to UK regulators. “
We are very proud of the achievements and our role in helping create the local economy, which has generated thousands of jobs.”
The company has been in the spotlight in recent months after revelations that it paid bribes to UK regulators.
In April, the company was fined £1.3m by the British Anti-Corruption Authority for paying £30,000 in a year to an alleged corrupt official.
And in September, the watchdog said the group had engaged in “improper payments” for its car parts business and had failed to make proper disclosure to regulators.