Honda has agreed to sell its UK car plant to logistics giant Panattoni, a company spokesman said.
The Japanese automaker builds about a tenth of the 1.5 million car output in Britain. It announced its intention to cease production at its plant in Swindon in southern England two years ago. The plant closure is expected to lead to 3,500 job losses.
Honda 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.
The automaker has been struggling in Europe. Its sales in the EU, UK and EFTA markets fell 49 percent to 3,393 vehicles in February for a market share of 0.4 percent, according to data from industry association ACEA.
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.
The latest move followed decisions by electronics firms Sony and Panasonic to move their headquarters to the EU from Britain, while Hitachi has shelved a nuclear power project in Britain amid Brexit.
March 27, 2021 at 04:17PM
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Honda will sell UK plant to logistics giant Panattoni - Automotive News Europe
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