GIDDINGS SURVIVES

The Giddings & Lewis factory in Knowsley is likely to remain safe in Thyssen hands, following the latter’s takeover of the US machine tool group announced last week. `For the moment we’re planning to keep the plants the same,’ said a spokesman at Thyssen. `We don’t produce the same things as Giddings & Lewis.’ Thyssen […]

The Giddings & Lewis factory in Knowsley is likely to remain safe in Thyssen hands, following the latter’s takeover of the US machine tool group announced last week.

`For the moment we’re planning to keep the plants the same,’ said a spokesman at Thyssen. `We don’t produce the same things as Giddings & Lewis.’

Thyssen plans to take advantage of Giddings & Lewis’s product range, which complements Thyssen’s machine tools, and the company’s North American distribution networks.

Giddings & Lewis sought the takeover from the German group last week to save itself from a bid by Harnischfeger of Wisconsin.

Thyssen’s bid valued Giddings & Lewis $2 (£1.20) per share higher than Harnischfeger, pricing the company at $675m. Giddings & Lewis is expected to pay off its estimated $100m debt.