§ Mr. HoyleTo ask the President of the Board of Trade what grants were given to Volvo Bus Corporation at the time of its relocation to Irvine; what assistance was received from the New Towns Commission; and if she will make a statement on its proposed relocation to Poland. [47737]
§ Mr. WilsonI have been asked to reply.
Volvo's operations at Irvine commenced in 1974 when the company acquired the facility from Ailsa Trucks Limited. No records are available on the financial assistance, if any, offered to Volvo at that time.
We are obviously disappointed that the company's restructuring of its European industrial operations is likely to lead to job losses at Irvine in the medium term. However, inward investors are subject to exactly the same pressures as indigenous companies in today's global economy and occasional setbacks are unfortunately inevitable as competition intensifies and markets evolve.
It is important to stress that Volvo will remain an important contributor to the Ayrshire economy and my officials are in close contact with the company to discuss how the impact of the restructuring plans on the Irvine plant can be minimised.