King Long buys Italian concerns
King Long Italy, the Italian branch of the Xiamen King Long United Automotive Industry bus and coach builder headed by Stefano del Rosso, is currently undergoing a process that will see it acquire the ailing Italian manufacturer, BredaMenarinibus, according to press reports. Under the new deal, the Chinese concern will own the majority of the shares, whilst the previous sole shareholder, Finmeccanica (which is 33.8% owned by the Italian government), will own the rest, thought to be around 15-20%. King Long is also to take ownership of the Irisbus factory in the Avellino region, which was closed in 2011. It will see BredaMenarinibus and the former Irisbus plant merged under the new owner, with the headquarters located in Bologna.