Dana wraps up sale to GoodrichTOLEDO, Ohio - Dana Corp. of Toledo, Ohio, completed the sale of its industrial polymer bearings business to Goodrich Corp. of Charlotte, N.C.
The value of the transaction was undisclosed.
Goodrich acquired manufacturing operations in Scotland, France, Slovakia, Germany and Brazil; Dana's minority interest in Goodrich subsidiary Garlock Bearings LLC in Thorofare, N.J.; and r&d equipment and engineersin Cawston, England.
Dana in the third quarter will record a one-time, non-recurring after-tax gain of about $11 million as a result of the sale.
Visteon wins truck businessSTUTTGART, Germany - Visteon Corp. won a contract to supply DaimlerChrysler's Mercedes-Benz truck division with instrument panels and cockpits.
Terms of the deal were undisclosed.
Visteon will make the instrument panels in its plant in Rougegoutte, France. Cockpits will be made at the supplier's plant in Sao Paolo, Brazil.
Continental courts buyersHANOVER, Germany - Continental AG of Hanover, Germany, is talking to undisclosed potential buyers aside from Carlyle Group Inc. regarding the sale of its ContiTech unit, which makes material for car hoses and conveyer belts.
Continental previously was in exclusive negotiations with Carlyle.
Continental wants to reduce its dependence on the tire business. It will use the cash from the sale of ContiTech to pay for acquisitions, including the purchase of DaimlerChrysler AG's Temic Automotive electronics unit.
BorgWarner wins new businessCHICAGO - BorgWarner Inc. signed a letter of intent to supply a North American automaker with a pawl-type, one-way clutch module for front-wheel-drive and all-wheel-drive automatic transmission vehicles.
The contract is scheduled to begin in the third quarter of 2002.
BorgWarner will manufacture the products at its operation in Frankfort, Ill.
The supplier has also been awarded a contract to supply a European automaker with a wet-clutch and control system module for use in a transmission, which is going into production in 2003.
This module allows the transmission to have the fuel efficiency of a manual and the smooth shifting of an automatic. Value of the contract is undisclosed.
Borgwarner Inc., of Chicago, supplies powertrains and transmission assemblies.
TRW, SmarTire restructureRICHMOND, British Columbia - TRW Inc. of Cleveland, and tire monitoring system supplier SmarTire Systems Inc. of British Columbia, restructured their strategic alliance, which was formed in 1998.
The companies canceled their original agreement, which allowed TRW, but not SmarTire, to market SmarTire's technology to automakers. SmarTire is paying TRW $3.3 million in cash and long-term debt.
TRW will keep its stake in SmarTire, which equals about 9 percent. TRW no longer has representation on SmarTire's board of directors.
To date, SmarTire systems have been sold in aftermarket retail stores and used as original equipment on the Aston Martin V12 Vanquish and Morgan Aero 8 high-end sports cars.