Pressed Steel Company - Morris and Budd

Morris and Budd

William Morris had recognised the potential of pressed steel car bodies being developed by Budd Corporation in U.S.A.and wanted them for his own cars. The new joint venture initially supplied car bodies to Morris's Morris Motors with its plant located alongside the new Pressed Steel plant across what became the A4142 spanned by a special bridge between plants.

The venture was not a success. In May 1930 it was announced that arrangements had been concluded to place the Pressed Steel plant under British control. Operations had not gathered pace as expected. Many difficulties had been encountered. The British steel industry was unable to provide steel sheets large enough for the Budd machines and, once they came available, in any case American supplies were still 25% cheaper than local supplies. Tycoons William R. Morris and Edward G. Budd were unable to settle their differences.

Budd took his troubles with Morris to the High Court which decided in his favour. In June 1930 by a resolution of the shareholders supported by an order of the High Court the directors of Morris Motors Limited were obliged to retire from the Pressed Steel board and the share interests of Morris Motors either taken over by other interests or surrendered to the company. This was followed by the announcement of a reduction of Pressed Steel's capital from £1.6 million to £1.2 million. Morris lost the capital he had invested and the right to appoint directors. Pressed Steel was now free to supply other customers.