British van manufacturer LDV is to be taken over by Malaysian giant Weststar in an agreement that will see production at the Birmingham plant re-start by July.
Weststar confirmed in a statement that it would be acquiring the firm from LDV's owners GAZ, subject to due diligence, financing and various other approvals.
"After completion, Weststar intends to continue production and research at the Birmingham facilities, using best practices including the highest standards of labour and energy efficiency in the industry," the statement continued.
"The plant and distribution network will continue to offer best-in-class products and owner experience in the UK and European markets. Buyers of new and used vans are urged to continue to give LDV products serious consideration for their next purchase, and to be reassured on the continued availability and quality of parts during its service life."
The company said it plans to expand the scope of manufacture in Malaysia and other low cost manufacturing centres in order to make LDV products more affordable in developing countries, but added that Birmingham would remain the centre of "engineering excellence".
© Press Association 2009