A Chinese tyre firm has bought a Midlands company which makes parts for Jaguar Land Rover - and immediately promised new jobs. It's a thirty million pound takeover by the firm which is known as the Michelin of China.
The new boss said he bought the company because of its reputation and because of the success of Jaguar Land Rover and he plans to expand the operation and take more people on soon. He spoke to our Business Correspondent, Mark Gough.
454 people work at Covpress but Mr You told ITV News he plans to take on more.
"Our plans are to grow our business through increasing our international profile and penetration into other old markets. The acquisition of Covpress is an important move for us in our overall strategy. We are the equivalent of Michelin in China. We believe this deal represents two strong companies joining together in a win-win situation."
– You Xiaoming, Managing Director of Shangdong Yongtai
The boss of a Chinese firm which has just taken over a UK car parts factory has told ITV News he will be creating more jobs in a rapid expansion.You Xiaoming is managing director of Shangdong Yongtai - a huge Chinese tyre and car parts firm described as the Michelin of China.
Today it is announcing a £30 million takeover of Coventry firm, Covpress, which presses car body panels and parts for, among others, Jaguar Land Rover. It's a joint venture with TIA Treadsetters, based in Telford in Shropshire.
Shangdong Yongtai has sales of £2.7 billion. This is one of the largest investments by the Chinese into the Midlands since the takeover of MG UK.