Eagle-Picher in venture
Eagle-Picher Industries Inc. has formed a joint venture with Boge GmbH of Germany to produce vibration-damping components. The partnership, Eagle-Picher-Boge LLC, will make rubber-to-metal components for suspensions and drivelines. Boge's parent, the Mannesman Group, will have 55 percent of the venture's equity, while Eagle-Picher will have 45 percent. The venture will be based in Paris, Ill.
FUEL INJECTORS - Chrysler Corp.'s engine plant strike cut Walbro Corp.'s sales by $3.6 million in the second quarter, Walbro reported. The strike is expected to cut Walbro's second-quarter earnings $1 million, or 11 cents per share.
SEATS - Lear Corp.'s largest shareholder plans to sell 9 million shares of common stock. Merchant banking partnerships affiliated with Lehman Brothers Holdings Inc. will sell the stock. As of March 31, Lear investors held 68 million shares.
COST-CUTTING - Chrysler Corp. has reached its 1997 goal of $1.2 billion in savings through cost-cutting ideas from suppliers. The company achieved its goal two months ahead of schedule. Chrysler will realize $325 million in direct savings this year. The rest will occur in the next few years as new models are introduced.
TOOLING - Tri-Way Machine Ltd. has formed a joint venture with Middlesex Group Ltd. to supply machining systems for auto parts production. Tri-Way is based in Windsor, Ontario; Middlesex is headquartered in Basingstoke, England.
MIRRORS - Donnelly Corp. has decided not to proceed with a new offering of common stock. The mirror maker has told the Securities and Exchange Commission it intends to withdraw its registration statement.
AIRBAGS - National-Standard Co. will close its Knoxville, Tenn., plant, which makes wire cloth for airbags. The company will transfer production to plants in Corbin, Ky., and Clearfield, Utah. The Knoxville facility employs 57 full-time workers. The plant will close August 1.