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LDV has sold the assets of its Birmingham-based van manufacturing business out of administration to Eco Concept, and up to 200 jobs will be created at a new electric vehicles factory in the Midlands.

LDV, the Birmingham-based van manufacturer with 850 staff, has been acquired by Gaz Group of Russia for £50m.

LDV, the Birmingham-based van manufacturer, has been acquired by US-based Sun Capital Partners and London-based EAC for an estimated £75m, which is expected to lead to the loss of 200 of the 1,200 jobs.

LDV has announced a £90m expansion plan that will involve the launch of a new range of commercial vehicles, a new manufacturing facility in Birmingham and the creation of 1,000 jobs over the next five years.

LDV is to spend £125m on the acquisition of equipment from the receivers of Daewoo, which will be used to make a new range of vans at its Birmingham plant with the creation of 1,000 jobs.

LDV is planning to develop its Drews Lane site in Birmingham into a European base for Stewart & Stevenson, the US military truck company.