LucasVarity
 |
|
| Industry | Automotive and aerospace |
|---|---|
| Fate | Acquired |
| Successor | TRW Inc. |
| Founded | 1996 |
| Defunct | 1999 |
| Headquarters | United Kingdom |
|
Key people
|
Victor A. Rice |
| Products | Braking, diesel systems, diesel engines electrical, aftermarket and aerospace systems |
|
Number of employees
|
55,000 |
| Subsidiaries |
Lucas CAV/Simms/RotoDiesel/Condiesel, Girling, Lucas Automotive, Lucas Aerospace, VarityPerkins |
LucasVarity plc was a UK automotive parts manufacturer, created by a merger of the British Lucas Industries plc, and the North American Varity Corporation in August 1996.
The Company was formed in August 1996, by the merger between Lucas Industries plc and the North American Varity Corporation. Lucas employed 46,000 people compared with Varity's 9,000.
At the time of the merger, LucasVarity announced plans for a £65 million pound savings programme. The areas streamlined included the treasury, communications and marketing departments, as well as divisional managers. "The merger created a unique opportunity to reassess the skills and competencies we require in the senior management team", said LucasVarity Chief Executive Victor A. Rice.
In 1998 the management attempted to shift the company's head office and primary listing to the United States. The company suffered an embarrassing defeat in a shareholder vote, amid claims that its directors were looking to cash in on the much higher pay packets available in the USA. Victor Rice suffered a barrage of criticism from shareholders and the British media.
Following this defeat, an offer was made by TRW, an American company specializing in satellites, defence and automotive parts, to purchase the company in an all-cash offer, which was accepted in March 1999.
TRW quickly sold Lucas Diesel Systems to Delphi, a USA based automotive parts and systems manufacturer with a large presence in Europe, in January 2000. The diesel fuel injection equipment research, engineering and manufacturing business of Lucas, known in later years as Lucas Diesel Systems Ltd (and previously CAV Ltd) continues at all of its original worldwide sites (with the exception of those in Japan and South Carolina, USA which had closed by this time). The business name has been changed to Delphi and the business is a major part of its Powertrain Division.
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