Toyota eyes Latin America
Toyota Motor Corp. has expansion plans in Latin America. It aims to open a new factory in Argentina or Brazil, and double production to 40,000 at its factory in Zdrate, Argentina, by 2000, the company announced last week. Toyota is studying the possibility of opening a factory to produce small vehicles to sell in Latin America. Toyota's subsidiaries in Argentina and Brazil are competing for the new factory, said the president of the company's Argentine subsidiary, Tsumeo Arima.
Textron to buy fastener unit
PROVIDENCE, R.I. - Textron Inc. said it will buy Peiner Umformtechnik GmbH, a unit of engineering company Preussag AG, for an undisclosed amount of cash as it pursues its expansion into the European engineering industry. Peiner, a Hanover, Germany, maker of industrial fasteners, has annual sales of about $50 million, to such clients as Daimler-Benz AG, BMW AG and Deere & Co., Textron said. This is the 11th European acquisition Textron has made in the past 14 months.
Textron Fastening Systems, which had revenues of about $1.6 billion in Europe last year, makes nuts, bolts and other fasteners for the automotive, aerospace, appliance, construction and do-it-yourself industries.
Peiner's two German plants employ about 430 people.