LucasVarity
Encyclopedia
LucasVarity plc was a UK
automotive parts manufacturer, created by a merger of the British Lucas Industries plc, and the North American Varity
Corporation
in August 1996.
Corporation
. Lucas employed 46,000 people compared with Varity's 9,000.
At the time of the merger, LucasVarity announced plans for a £65 million pound savings programme. The areas streamlined included the treasury, communications and marketing departments, as well as divisional managers. "The merger created a unique opportunity to reassess the skills and competencies we require in the senior management team", said LucasVarity Chief Executive
Victor A. Rice.
vote, amid claims that its directors were looking to cash in on the much higher pay packets available in the USA. Victor Rice suffered a barrage of criticism from shareholders and the British media.
, an American company specializing in satellite
s, defence and automotive parts, to purchase the company in an all cash offer, which was accepted in March 1999.
, a USA based automotive parts and systems manufacturer with a large presence in Europe, in January 2000. The diesel fuel injection equipment research, engineering and manufacturing business of Lucas, known in later years as Lucas Diesel Systems Ltd (and previously CAV Ltd) continues at all of its original world wide sites (with the exception of those in Japan and South Carolina, USA which had closed by this time). The business name has been changed to Delphi and the business is a major part of its Powertrain Division.
Lucas Aerospace (by then called TRW Aeronautical Systems) was sold to Goodrich Corp.
TRW itself was later acquired by Northrop Grumman
, who sold the automotive assets of Lucas, Varity and TRW's own automotive group to the Blackstone Group
as TRW Automotive
.
In September 2004 Elta Lighting Ltd., a UK-based
automotive electrical components supplier, acquired a license from TRW Automotive to use the Lucas name and logo on products in the UK and Europe. This saw the familiar green and white 'Lucas' logo return to the UK after several years absence. Now trading under the name of 'Lucas Electrical' the company concentrates on after-market component supply rather than as an original equipment supplier to manufacturers. Initially the Lucas name was used on Elta's existing product of automotive light bulbs but has been gradually expanded to cover much the same range as the original Lucas company- light units, batteries, switches and controls, ignition components, remanufactured starter motors and alternators, wiper blades and electrical accessories. Operations and manufacturing take place at several locations in the UK as well as overseas.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
automotive parts manufacturer, created by a merger of the British Lucas Industries plc, and the North American Varity
Varity
Varity was a former farm equipment company, created in 1986 from the remains of Massey-Ferguson Limited of Toronto, Ontario. Varity also owned Perkins Engines headquartered in Peterborough England and Kelsey-Hayes Group of Companies headquartered in Romulus, Michigan...
Corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
in August 1996.
Foundation
The Company was formed in August 1996, by the merger between Lucas Industries plc and the North American VarityVarity
Varity was a former farm equipment company, created in 1986 from the remains of Massey-Ferguson Limited of Toronto, Ontario. Varity also owned Perkins Engines headquartered in Peterborough England and Kelsey-Hayes Group of Companies headquartered in Romulus, Michigan...
Corporation
Corporation
A corporation is created under the laws of a state as a separate legal entity that has privileges and liabilities that are distinct from those of its members. There are many different forms of corporations, most of which are used to conduct business. Early corporations were established by charter...
. Lucas employed 46,000 people compared with Varity's 9,000.
At the time of the merger, LucasVarity announced plans for a £65 million pound savings programme. The areas streamlined included the treasury, communications and marketing departments, as well as divisional managers. "The merger created a unique opportunity to reassess the skills and competencies we require in the senior management team", said LucasVarity Chief Executive
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
Victor A. Rice.
Attempted relocation to the USA
In 1998 the management attempted to shift the company's head office and primary listing to the USA. The company suffered an embarrassing defeat in a shareholderShareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
vote, amid claims that its directors were looking to cash in on the much higher pay packets available in the USA. Victor Rice suffered a barrage of criticism from shareholders and the British media.
Sale to TRW
Following this defeat, an offer was made by TRWTRW
TRW Inc. was an American corporation involved in a variety of businesses, mainly aerospace, automotive, and credit reporting. It was a pioneer in multiple fields including electronic components, integrated circuits, computers, software and systems engineering. TRW built many spacecraft,...
, an American company specializing in satellite
Satellite
In the context of spaceflight, a satellite is an object which has been placed into orbit by human endeavour. Such objects are sometimes called artificial satellites to distinguish them from natural satellites such as the Moon....
s, defence and automotive parts, to purchase the company in an all cash offer, which was accepted in March 1999.
Subsequent history
TRW quickly sold Lucas Diesel Systems to DelphiDelphi (auto parts)
Delphi Automotive PLC is an automotive parts company headquartered in Troy, Michigan, USA. Delphi is one of the world's largest automotive parts manufacturers and has approximately 146,600 employees ....
, a USA based automotive parts and systems manufacturer with a large presence in Europe, in January 2000. The diesel fuel injection equipment research, engineering and manufacturing business of Lucas, known in later years as Lucas Diesel Systems Ltd (and previously CAV Ltd) continues at all of its original world wide sites (with the exception of those in Japan and South Carolina, USA which had closed by this time). The business name has been changed to Delphi and the business is a major part of its Powertrain Division.
Lucas Aerospace (by then called TRW Aeronautical Systems) was sold to Goodrich Corp.
TRW itself was later acquired by Northrop Grumman
Northrop Grumman
Northrop Grumman Corporation is an American global aerospace and defense technology company formed by the 1994 purchase of Grumman by Northrop. The company was the fourth-largest defense contractor in the world as of 2010, and the largest builder of naval vessels. Northrop Grumman employs over...
, who sold the automotive assets of Lucas, Varity and TRW's own automotive group to the Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
as TRW Automotive
TRW Automotive
TRW Automotive , headquartered in Livonia, Michigan, USA, is a major global supplier of automotive systems, modules and components to automotive original equipment manufacturers and related aftermarkets....
.
In September 2004 Elta Lighting Ltd., a UK-based
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
automotive electrical components supplier, acquired a license from TRW Automotive to use the Lucas name and logo on products in the UK and Europe. This saw the familiar green and white 'Lucas' logo return to the UK after several years absence. Now trading under the name of 'Lucas Electrical' the company concentrates on after-market component supply rather than as an original equipment supplier to manufacturers. Initially the Lucas name was used on Elta's existing product of automotive light bulbs but has been gradually expanded to cover much the same range as the original Lucas company- light units, batteries, switches and controls, ignition components, remanufactured starter motors and alternators, wiper blades and electrical accessories. Operations and manufacturing take place at several locations in the UK as well as overseas.
Operations
At formation LucasVarity was managed in seven divisions. The current ownership of these divisions is detailed below.| Division | Current Owner | Year Sold |
|---|---|---|
| Lucas Aerospace | Goodrich Corporation Goodrich Corporation The Goodrich Corporation , formerly the B.F. Goodrich Company, is an American aerospace manufacturing company based in Charlotte, North Carolina. Founded in Akron, Ohio in 1870 as Goodrich, Tew & Co. by Dr. Benjamin Franklin Goodrich. The company name was changed to the "B.F... |
2002 |
| Light Vehicle Braking System | TRW Automotive TRW Automotive TRW Automotive , headquartered in Livonia, Michigan, USA, is a major global supplier of automotive systems, modules and components to automotive original equipment manufacturers and related aftermarkets.... |
2002 |
| Heavy Vehicle Braking System | ArvinMeritor ArvinMeritor Meritor, Inc. is a corporation headquartered in Troy, Michigan which manufactures automobile components for military suppliers, trucks, and trailers. Meritor is a Fortune 500 company.In 1997, Rockwell International spun off its automotive business as Meritor... |
1999 |
| Lucas Diesel Systems | Delphi Delphi (auto parts) Delphi Automotive PLC is an automotive parts company headquartered in Troy, Michigan, USA. Delphi is one of the world's largest automotive parts manufacturers and has approximately 146,600 employees .... |
2000 |
| VarityPerkins (Diesel Engines) | Perkins Engines Company Limited (subsidiary to Caterpillar, Inc.) | 1998 |
| Electronic & Electrical Systems | TRW Automotive TRW Automotive TRW Automotive , headquartered in Livonia, Michigan, USA, is a major global supplier of automotive systems, modules and components to automotive original equipment manufacturers and related aftermarkets.... & others |
2002 & Various |
| Lucas Aftermarket Operations | TRW TRW Automotive TRW Automotive , headquartered in Livonia, Michigan, USA, is a major global supplier of automotive systems, modules and components to automotive original equipment manufacturers and related aftermarkets.... , Delphi Delphi (auto parts) Delphi Automotive PLC is an automotive parts company headquartered in Troy, Michigan, USA. Delphi is one of the world's largest automotive parts manufacturers and has approximately 146,600 employees .... , Elta Lighting & ArvinMeritor ArvinMeritor Meritor, Inc. is a corporation headquartered in Troy, Michigan which manufactures automobile components for military suppliers, trucks, and trailers. Meritor is a Fortune 500 company.In 1997, Rockwell International spun off its automotive business as Meritor... |
1996 to 2006 |