In deference to its US shareholders, aerospace and automotive supplier LucasVarity plans to move its headquarters from London to Buffalo, New York.
The change is the "natural next step in the company's evolution," Lucas says, considering the 1996 merger of Lucas Industries and Varity and increased competition from US-based suppliers.
Since the merger, Lucas has seen the stake controlled by its US shareholders grow from 33% to around 47%, while its UK shareholders' stake has decreased to 47% from a high of 67%.
Source: Flight Daily News