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6752 - Panasonic News Story

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Sector
Technology
Size
Large Cap
Market Cap £18.46bn
Enterprise Value £17.68bn
Revenue £43.61bn
Position in Universe 52nd / 3904

Honda agrees to sell British car plant to logistics giant Panattoni

Sat 27th March, 2021 4:54am
TOKYO, March 27 (Reuters) - Honda  7267.T  has agreed to
sell its only British car plant at Swindon in southern England
to logistics giant Panattoni, a company spokesman said on
Saturday, as the new owner reportedly plans to make a large
investment at the sprawling site.
    The Japanese automaker, which builds about a tenth of the
1.5 million car output in Britain, made the decision two years
after it announced its intention in 2019 to cease production at
its Swindon plant. The plant closer is expected to lead to 3,500
job losses.
    Honda, which has been struggling in Europe, has said the
closure of the plant was not related to Britain's departure from
the European Union but it needed to focus activities in regions
where it expects to sell most cars.    
    Panattoni said it was making a 700 million pounds ($965
million) investment in its logistics-related development, with
the aim of creating new jobs, once Honda completes 
decommissioning of the plant that builds its Civic hatchbacks,
likely next spring, the Financial Times reported earlier.
    The latest move followed decisions by electronics firms Sony
 6758.T  and Panasonic  6752.T  to move their headquarters to
the EU from Britain, while Hitachi  6501.T  has shelved a
nuclear power project in Britain amid Brexit.
    
    ($1 = 0.7254 pounds)

 (Reporting by Eimi Yamamitsu and Tetsushi Kajimoto
Editing by Shri Navaratnam
)
 ((tetsushi.kajimoto@thomsonreuters.com;))
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