LucasVarity
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| LucasVarity plc | |
|---|---|
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| Fate | Acquired |
| Successor | TRW Inc |
| Founded | 1996 |
| Defunct | 1999 |
| Location | United Kingdom |
| Industry | Automotive and Aerospace |
| Products | Braking, Diesel Systems, Diesel Engines Electrical, Aftermarket and Aerospace Systems |
| Key people | Victor A. Rice |
| Peak size | 55,000 employees |
| Subsidiary | Lucas CAV/Simms/RotoDiesel/Condiesel, Girling, Lucas Automotive, Lucas Aerospace, VarityPerkins |
The former 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.
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[edit] Foundation
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.
Lucas had employed 46,000 people compared with Varity's 9,000
[edit] Attempted relocation to the USA
In 1998 the management attempted to shift the companies 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 available in the USA. Victor Rice suffered a barrage of criticism from shareholders and the British media.
[edit] Sale to TRW
Following this defeat, an offer was made by TRW, an American company specializing in satellites, defence and automotive parts, to purchase the company in an all cash offer, which was accepted.
[edit] Subsequent History
TRW quickly sold Lucas Diesel Systems to Delphi, and Lucas Aerospace (by then called TRW Aeronautical Systems) to Goodrich Corp.
TRW itself was later acquired by Northrop Grumman, who sold on the automotive assets of Lucas, Varity and TRW's own automotive group to the Blackstone Group as TRW Automotive.
[edit] Subsequent companies
At formation LucasVarity was managed in seven divisions. The current ownership of these devision is detailed below.
| Division | Current Owner | Year Sold |
|---|---|---|
| Lucas Aerospace | Goodrich Corp | 2002 |
| Light Vehicle Braking System | TRW Automotive | 2002 |
| Heavy Vehicle Braking System | ArvinMeritor | 1999 |
| Lucas Diesel Systems | Delphi | 2000 |
| VarityPerkins (Diesel Engines) | Perkins Engines Company Limited | 1998 |
| Electronic & Electrical Systems | TRW Automotive & others | 2002 & Various |
| Lucas Aftermarket Operations | TRW, Delphi, Elta Lighting & ArvinMeritor | 1996 to 2006 |
