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Automotive News Europe, July, 2004
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MG Rover sells its parts division
MG Rover has raised [pounds sterling]100 million ([euro]150 million at current exchange rates) by selling its parts business to Cat Logistics Services.
The money will help the UK-based automaker develop a new lower-medium model to replace the Rover 45.
Cat Logistics Services, part of the US construction group Caterpillar, already manages MG Rover's distribution and sales of parts. Phoenix Venture Holdings, MG Rover's parent, retains the option to buy the business back after four to five years. It also retains a share of the revenue.
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