On Saturday, a spokesperson for Japanese multinational automotive conglomerate Honda Motor Co. said in a statement that the automaker had agreed to a divestiture of its only remaining British car plant at Swindon in Southern England, as the Tokyo-based 73-year-old automotive industry megalith had sold off its Swindon plant to Irvine, California-based European developer Panattoni, while the new owner had already unveiled plans to invest as many as £700 million ($965 million) at the manufacturing site.
In point of fact, latest move from Honda Motor Co. to sell off its Swindon plant to logistics mogul Panattoni came forth nearly two years after the Japanese carmaker had expressed its intent to divest the British manufacturing unit, which used to build roughly a tenth of 1.5 million units of vehicles produced in Britain, while a closure of Honda’s Swindon plant is expected to shrug off at least 3,500 full-time jobs in Southern England.
Honda sells off Swindon plant to logistics giant Panattoni
Nevertheless, while Honda Motor Co.’s latest decision to sell off its only remaining plant in Britain could point to a potential departure of the Japanese carmaker from the UK, in a statement released late in the day, Honda Motor Co., which has been fighting for air in Europe, was quoted saying that a closure of Swindon plant was not related to UK's departure from the bloc, however, the move was much-required to shift its focus elsewhere in the bloc where it could be able to generate more revenues.
More importantly, Honda’s latest decision to quit the Kingdom had largely echoed similar moves from electronics industry Goliaths such as Sony and Panasonic, which had shifted their headquarters from UK to EU, mostly in bids to avoid the fiscal collaterals stemming off UK’s departure from the bloc.