New JV/investment at Smith Electric Vehicles

RNS Number : 6708X

Tanfield Group PLC

20 February 2012

 



For immediate release                                                      20th February 2012

TANFIELD GROUP PLC

("Tanfield" or the "Company")

New Joint Venture and investment at Smith Electric Vehicles Corp.

The Board of Tanfield is pleased to announce that at an event in Los Angeles, California  on Friday 17^th February, its US associated company, Smith Electric Vehicles Corp. ("Smith"), has signed a letter of intent with Wanxiang Group, a global leader in  automotive parts manufacturing and supply.   The principal terms include a $25M investment in Smith, which will form part of the Series D placing announced on 14 February, and up to a $75M investment for a joint venture to develop, manufacture and commercialize all-electric school buses and commercial vehicles for multiple industries in China.

Further information can be found on the Smith website: www.smithelectric.com

Further information:

Tanfield Group plc	0845 155 7755
Darren Kell / Charles Brooks
WH Ireland
James Joyce / Nick Field, Nominated Adviser	0207 220 1666
Seb Wykeham / Ruari McGirr, Broking	0207 220 1666
Buchanan
Charles Ryland / Nicola Cronk / Catherine Breen	020 7466 5000

ENDS

 

END

 

 

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