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 programm...
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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 USA. 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...
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