GM aids Peregrine
General Motors has agreed to pay up to $20 million in bills to suppliers of Peregrine Inc., a GM supplier of bumpers, seating and trim, as part of Peregrine's reorganization plan. The funds will go toward debts that were frozen in April when Peregrine announced its sale to Peregrine Acquisition Inc. The move was accepted by Peregrine's creditors, effectively settling the company's out-of-court reorganization plan. GM is Peregrine's largest customer.
SAFETY SYSTEMS - Autoliv Inc. will sell its plastic-production operations to the Norwegian automotive plastics supplier Dynoplast Group. Autoliv expects the sale of the unit, which has annual revenues of about $5 million, to free enough production space for a planned line of new seat-belt, airbag and anti-whiplash systems.
SOFTWARE - i2 Technolo-gies Inc., a developer of supply chain management software, said Cooper Tire & Rubber Co. of Auburn, Ind., will install its system in four U.S. manufacturing plants. i2, based in Irving, Texas, said its Rhythm software will be used to plan and schedule production at Cooper plants. The value of the contract was not announced.
STOCK BUYBACK - MascoTech Inc. of Taylor, Mich., said it would repurchase up to 5 million shares of its common stock, or 10 percent of those outstanding. The buyback is expected to take up to two years. MascoTech will fund it through cash flow and 'anticipated business divestitures.'
CLIMATE CONTROL - Visteon Automotive Systems has purchased 80 percent of PABA Inc., a manufacturer and distributor of aftermarket climate control products in North America with divisions in Buffalo, N.Y., and Somerset, N.J. PABA will be renamed Visteon Climate Control Systems Ltd. Visteon hopes to increase aftermarket sales by supplying replacement radiators, condensers and heater parts now made by PABA.
INFO SERVICES - Visteon Automotive Systems has selected Intelligent Information Inc., of Stamford, Conn., to provide real-time information services for users of an in-vehicle computer system. The system will be introduced by Visteon in the fall of 1999. The service delivers news, weather, travel advisories and other information in a format that can be customized by the user.