DETROIT - Visteon Automotive Systems reported a second straight year of strong financial performance in 1998 with a net income of $712 million, up 37 percent from a year earlier. Revenue rose 3 percent, to $17.8 billion. President Craig Muhlhauser said Dearborn, Mich.-based Visteon was targeting $2 billion in new business in 1999.
DETROIT - Dura Automotive Systems Inc. said it will acquire Britain's Adwest Automotive PLC, a maker of gearshifts, parking brakes and other parts, for about $200 million plus the assumption of $210 million in debt. Rochester Hills, Mich.-based Dura, which makes driver-control systems, also has agreed to acquire Excel Industries of Elkhart, Ind., for $311 million in cash and stock.
TORONTO - Chrysler Canada Ltd. became the country's second-largest automotive producer in 1998, leapfrogging Ford of Canada Ltd. and threatening No. 1 General Motors with the help of record minivan output.
Chrysler output rose 17.7 percent for the year to 738,338 vehicles while Ford produced 627,384 cars and light trucks, down 0.5 percent. General Motors built 749,412 vehicles, down 16.3 percent.
Total 1998 vehicle production in Canada slipped 0.5 percent from a year earlier to 2,519,488.