According to CIMC, the existing management team will remain with the business, and plans are in place to “consolidate the company’s position and increase its export sales”.
Commenting on the deal, David Li, General Manager and Director of the Board of CIMC Vehicles, said, “We are delighted to have acquired the Retlan Group. The acquisition will mark an exciting new chapter in its history.
“We look forward to working with the existing management to continue its fine tradition of high quality UK-based manufacturing and to the opportunity for further investment to help grow the business. The Retlan Group will represent a valuable complement to CIMC Vehicles’ portfolio and progress our on-going policy of ‘global operations, local knowledge'.”
Mark Cuskeran, CEO of Retlan Group, commented, “The acquisition is an important step forward for SDC Trailers and the rest of the Retlan Group. This is a significant opportunity for the company, its staff and for the future. We have been impressed by the approach of the new owners to the acquisition, and the company is now looking forward to a significant period of growth on a global scale.”
The Retlan Group achieved some £198 million (€237 million) in sales for the latest financial year, with turnover for SDC expected to reach £189 million (€227 million) in 2016.