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Date & time Sep 3 '17
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Vauxhall's Luton van plant trebled profits

IBC Vehicles, the joint venture between GM owned Vauxhall and Renault which manufacturers vans at Luton, made a 27.3m pre tax profit in 2008, up from 9.2m in 2007, accounts filed at Companies House show.

This was due to a 3pc increase in sales of vehicles made at the plant to 848m and a sharp improvement in margins.

The results are dramatically stronger than the 229.4m pre tax loss reported by Vauxhall's car arm in 2008, where manufacturing is based at Ellesmere Port, and is a welcome advertisement replica hermes birkin handbags for the Luton venture, which produces vans branded as the Vauxhall Vivaro, Renault Trafic and, through the Renault Nissan alliance, the Nissan Primastar.

The long term future of the 1,500 staff at Luton is under threat because of doubts that Renault will extend the venture into 2013. However, Nick Reilly, the chief executive of Vauxhall's parent company General Motors Europe, has said he wants a new contract to keep the plant alive. He is in talks with Renault about an extension and is prepared to look at alternatives if those negotiations fail.

A spokesman for GM said: "General Motors regards the UK as one of its most important markets in Europe, where both Ellesmere Port and Luton have fake hermes kelly bagd achieved productivity and quality levels that should ensure their continued contribution to the success of Vauxhall."

Renewing Renault as a partner, or securing a new joint venture, has been made difficult by a slump in commercial vehicle sales in 2009 as businesses cut spending.

IBC's accounts warn of "subdued" 2009 figures, and the Society of Motor Manufacturers revealed last week that sales of commercial vehicles in the UK slumped by 36.2pc last year.

A total 354 jobs are hermes replica already set to go at Luton as part of GM's estructuring of its European business following its in the US last year. However, the UK is its largest European market and GM is keen for a significant manufacturing presence in the country. The company is also keen to maintain a presence in the European van sector and only has one other plant making such vehicles, in Zaragoza, Spain GM decided to keep its European business after controversially scrapping a sale to Canadian car parts group Magna. However, the American car maker needs to restructure and refinance Vauxhall and Opel in mainland Europe.

GM is in talks with European governments, including the UK, about putting together a funding package of (2.9bn), and is close to finalising plans to cut up to 10,000 jobs across the continent.

An announcement on a financial deal is thought to be some way off, with governments waiting for GM's final restructuring plan before deciding how much funding they will contribute.

A spokesperson for Lord Mandelson's Department for Business, Innovation and Skills, which is leading the Government's talks, said: fake hermes leather handbags "We are working closely with GM on UK participation in a potential funding package for Opel/Vauxhall. Our aim is to give our UK plants the best possible chance in a restructured Opel/Vauxhall business."

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