A statement from Laurence Marshall, CEO:
Lawrence David will become part of the Wielton group which is taking a 75% stake in the business. Wielton is the third largest manufacturer of trailers in Europe with a primary listing on the Polish stock exchange. The group employs around 3,000 staff, including nearly 300 engineers. Wielton has a network of successful trailer businesses including Fruehauf in France and Langendorf in Germany alongside its core Polish manufacturing business.
Our founder, Lawrence Marshall Snr, will retire as Chairman after 45 years of service to the business for which I am eternally grateful. I will remain as CEO retaining 25% of the business. This agreement aligns our interests with a strong and stable partner for chassis supply whilst allowing Lawrence David to continue business with its current supply group. We are particularly excited about the opportunities that will result from working with a dynamic team with world class research and development facilities.
CEO, Lawrence David