A member of i-DealNet, led by Ian Curtis, has advised The Yongtai Group, of Shandong China, who also control Covpress International Holdings Limited (“Covpress”) on their agreement to acquire UYT Limited (“UYT”), in a deal value approaching £30m. The UYT acquisition will adjoin the existing Covpress operations in Canley, located southwest of Coventry. This is expected to create a combined workforce of over 1,200 people that will include the recruitment of an additional 100 staff over the next two years.
Chairman of The Yongtai Group, Mr Xuezhong You said “The team at i-DealNet guided us through a complex international transaction involving parties in three jurisdictions, and we are delighted with the outcome”
The joint Covpress European CEO, Kit Halliday, explained “This is tremendous news for everyone, The Yongtai Group, UYT, and the people who work here. The Yongtai investment means that UYT’s highly skilled facility will continue to support the Honda UK manufacturing operation. UYT supplies exclusively to Honda but this expansion in Canley will enable us to continue to meet other car manufacturers’ increasing demands.”
Ian Curtis, who advised Yongtai on the acquisition of UYT said “The UYT assembly facility is a significant addition to the Yongtai presswork and assembly capabilities in Coventry, and a fine complement to the CovPress facility acquired in 2013.”
The President of The Yongtai Group, Mr Xiaoming You, said “I am sure the government will welcome Yongtai’s investment in this good news story of both maintaining and creating jobs, as well as contributing to the UK’s car manufacturing business.”
Covpress are engaged in the manufacture of tooling, precision metal pressings, and assembly into the automotive, environmental, and utilities sectors.
UYT Limited was established in 1996 as a result of a joint venture between Japanese and British manufacturers. UYT is an automotive component manufacturing facility that supplies Body-in-White components and sunroof assemblies.