How it started
History
LucasVarity traces its history back to the 1850s when Joseph Lucas, a jobless father of six, sold paraffin oil from a barrow cart around the streets of Hockley. In 1860, he founded the firm and his 17-year-old son Harry joined the firm around 1872. At first it made general pressed metal merchandise, including plant pot holders, scoops and buckets, and later in 1875 lamps for ships. Together with the historic Canadian farm equipment maker Massey Ferguson the company was formed in August 1996, by the merger between what was then called Lucas Industries plc and the North American Varity Corporation, successor to Massey Ferguson.
Foundation
At the time of the merger, Lucas employed 46,000 people compared with Varity's 9,000. LucasVarity announced plans for a £65 million pound savings programme. The areas streamlined included the treasury, communications and marketing departments, as well as divisional managers. "The merger created a unique opportunity to reassess the skills and competencies we require in the senior management team", said LucasVarity Chief Executive Victor A. Rice.
Attempted relocation to the United States
In 1998, the management attempted to shift the company's head office and primary listing to the United States. The company suffered an embarrassing defeat in a shareholder vote, amid claims that its directors were looking to cash in on the much higher pay packets available in the United States. Victor Rice suffered a barrage of criticism from shareholders and the British media.
From Wikipedia’s article on LucasVarity, shared under CC BY-SA 4.0.2