EU Clears Magna International’s Purchase of DamilerChrysler’s New Venture Gear
The European Commission (EU) has given Canadian automotive parts manufacturer Magna International Inc. clearance to acquire New Venture Gear from DaimlerChrysler AG, according to a report from AFX News. New Venture Gear is a manufacturer of transfer cases, which ensure power is delivered to all four wheels on a vehicle. The business purchased earlier this year from the DaimlerChrysler Group for $435 million.
Dura Automotive to Open Production Facility in Romania
Dura Automotive Systems today announced plans to open a manufacturing plant in Timisoara, Romania. The facility will produce a broad range of automotive components for automakers in Central and Eastern Europe. Groundbreaking will begin this month, with production expected to start in 2005.
Automakers to Slow Down Plants
In another sign of a sluggish U.S. economy and slumping sales at General Motors Corp. and Ford Motor Co., the automakers said Wednesday they plan to slow down their plants the last three months of 2004 and make about 165,000 fewer cars and trucks than a year earlier. The announcements may be bad news for auto suppliers and their workers, particularly for big companies such as Delphi Corp., Visteon Corp. and Collins & Aikman.
Compuware Renews Covisint
It’s a new day for Covisint. The once-hyped technology company made its debut as a part of Compuware Corp. this week at an auto industry conference as a staff armed with smiles and matching blue shirts pitched Covisint’s communication systems and Web services to auto suppliers. With its parts-auction days long gone, Covisint now sells new services to smaller auto suppliers, is on track to meet revenue expectations and has its sights on expanding to more industries.
AASP-MN Announces Fall Educational Offerings
The Alliance of Automotive Service Providers, Minnesota (AASP-MN) has released its schedule of fall educational programs. AASP-MN will host an educational program on “Inflatable Restraint Systems,” from 6 to 9 p.m. on Wednesday, Nov. 17 at Dunwoody College of Technology in Minneapolis, Minn. AASP-MN will host an educational program on “Inflatable Restraint Systems,” from 6 to 9 p.m. on Wednesday, Nov. 17 at Dunwoody College of Technology in Minneapolis, Minn.
Modine Develops Fuel-Cell Parts
Modine Manufacturing Co. is developing fuel-cell components for an underground mining machine being built for the U.S. Department of Energy. The Racine, Wis.-based company will supply a cooling system for the machine that’s expected to run from a fuel-cell and battery-hybrid engine in tight spaces up to 1,000 feet underground.
Bosch Announces Changes in Chassis Engineering Division
Robert Bosch Corp. has announced three new appointments within the engineering organization of the company’s Chassis Division. Uwe Kirberg has been named senior vice president, engineering services. In this role, Kirberg has overall management responsibility for the Chassis Division’s engineering services and application organization in the U.S.
Denso’s New CEO Focuses on Big 3 Business
Mitsuo Matsushita, the new CEO of Denso International America Inc., wants to increase revenue and profit margins as the company diversifies its customer base. Matsushita wants to add Big 3 business to complement its business with Toyota Motor Corp. and Honda Motor Co.
GM’s Hogan Defects to Magna
Mark Hogan, the head of advanced vehicle development at General Motors Corp., is leaving at the end of the month to become president of Canadian auto parts giant Magna International Inc., according to people familiar with the matter.
Private Equity Firms Drive Away With More Auto Parts Deals
The auto parts industry continues to be one of the favorite places for private equity firms to put their money as they invested more than $1.5 billion in the industry in July.