The new owners of Jaguar's historic Browns Lane car factory have vowed to protect the site's legacy as they turn it into a new manufacturing centre employing 2,000 people.
The Coventry factory, which has been Jaguar's home since 1952, will become a centre for modular building construction following a #200 million investment by Delamar.
Delamar plans to employ 100 people there by the end of the year, rising to 2,000 by the end of 2007.
Peter de la Marche, the founder and chief executive of Delamar, said: "We are gobsmacked we have managed to secure this marvellous, historic site and we see ourselves as custodians who will protect a s well as promote its heritage."
Mr de la Marche said his firm had chosen Coventry for its first factory because of the city's location and the access to highly skilled workers.
Recruitment was already underway, with Mr de la Marche promising highly skilled and high value jobs.
He said: "With this location you can take our modular units 200 miles, off load them, and be back in the same day.
"There are skilled people who are available here, who have been fully trained and are au fait with mass production."
The first production line on the modular building units - used for things like low cost housing and student accommodation - would begin work later this year, with up to ten working by next year, Mr de la Marche said.
The modular construction units, which are made from a variety of composite materials, represent the culmination of 15 years of research by Delamar, which has secured financial backing from private investors.
The current 400 staff who work at Browns Lane will be transferred to the Jaguar's design and development centre at Whitley, which itself will see a massive influx of jobs.
Around 2,000 more jobs will be created at a new 70 acres science and business park following a deal between Jaguar, Coventry council and developer St Modwen.
The new site will also see the location of Jaguar's Veneer Manufacturing Centre, along with a new multi brand customer care centre, which will move from Glasgow.
Other companies are likely to join the scheme in the coming months.
Geoff Polites, chief executive of Jaguar and Land Rover, said he had been keen to maintain a manufacturing base at Browns Lane, while adding the company's legacy would remain integral to the site.
The bronze statue of the company's founder Sir William Lyons will be moved from Browns Lane to Whitley, as will the Jaguar Daimler Heritage Trust.
He said: "The legacy of Browns Lane lives on in peoples' memories, but we were keen to keep it as a place where people could go and say that's where they used to make cars.
"But I have also got a business to run. You have got to get the cost base right, which is what we are doing here, and you have got to get the product right, which we are doing with the new XK."
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: "The developments at Whitley and the j ob creation there are extremely good news and once again underlines the fact that Whitley is a key component of the Jaguar operation. It is testament to their ongoing commitment to the city."