MV Commercial has agreed to take Fruehauf out of administration.
The specialist truck firm has completed a deal for the tipping trailer and rigid body company.
Furthermore, the news protects 120 jobs and secures Fruehauf’s future.
Investment was a key consideration once Fruehauf was out of administration.
Therefore, there was an immediate cash injection by MV Commercial.
In addition, a further £30m was committed over the next three years.
The money will help modernise Fruehauf’s manufacturing facility in Grantham, Lincolnshire.
Meanwhile, MV Commercial will also revive the legendary ‘Crane Fruehauf’ name.
The business was known by this name until around 1998.
Amazingly, the rebranding is expected in a matter of weeks.
Tom O’Rourke, CEO of MV Commercial, (pictured) hailed the big news for both companies.
“This is a hugely significant day for both businesses.
“Fruehauf has a fantastic product range, a rich heritage and a wealth of talent within its team.
“And, this will be complemented by MV Commercial’s strength and experience in the marketplace.”
MV Commercial is best known for its one-stop-shop approach.
As a result, it plans to open a truck sales and rental facility on site in Grantham within the next month.
Furthermore, work has already begun to refurbish and modernise much of the site.
The facility is soon expecting to be building 15-20 trailers a week.
Looking forward, further investment will be on greater automation.
Importantly, MV Commercial will continue to offer the full Fruehauf range.
In addition, 100% of the current workforce will transfer under TUPE.
Concluding, O’Rouke said: “We weren’t going to turn down the opportunity to put the ‘Crane’ back into ‘Crane Fruehauf’!”