Ford to buy aluminum stamper
Ford Motor Co., which is expanding its use of aluminum, has agreed to acquire the aluminum stamping concern Troy Design and Manufacturing Co. Price and terms were not disclosed. Troy Design, based in Redford, Mich., designs dies for stamping aluminum and other manufacturing tooling. The company employs 340.
CLIMATE CONTOLS - In a move aimed at expanding its global climate control systems business, Visteon Automotive Systems has agreed to double its equity stake in a South Korean company. Visteon's ownership in Halla Climate Control Corp. will reach 70 percent. Halla, which employs 1,600, is a supplier to Hyundai, Kia, Mazda, General Motors and Ford Motor Co. It has joint ventures in Canada, Portugal, Thailand and India.
CONTRACT - Meritor Automotive Inc. and Pressure Systems International Inc. have agreed to market and distribute automatic tire-inflation systems for trailers. Meritor will begin distributing the system by March 1, 1999. The system will monitor tire pressure to help avoid blowouts and excessive wear. Pressure Systems will manufacture the system at its factory in San Antonio and assist Meritor, of Troy, Mich., with sales and service support.
CONTRACT - Tenneco Automotive and Ohlins Racing AB have agreed to develop electronically controlled damping systems, including shock absorbers and struts for the automotive industry. Ohlins Racing, of Upplands Vasby, Sweden, has operated an alliance since 1996 with Tenneco, of Lake Forest, Ill.
HEADQUARTERS - Walbro Corp. is moving its corporate offices from Cass City, Mich., to its Auburn Hills, Mich., office complex to be closer to the automotive industry. The complex houses its engineering center and North American regional headquarters. The move affects only a few executives.
DIVESTITURE - Valeo SA will exit the fuel tank cap-filler business with the planned sale of its Paul Journee subsidiary to Illinois Tool Works Inc. of Glenview, Ill. Price and terms were not disclosed. As part of Valeo's policy of divesting nonstrategic activities, the company last month sold its fuel tank cap-filler business in Italy and in Germany.