Textron Inc. names Janitz president
Textron Automotive Co. CEO John Janitz has been named president and COO of parent Textron Inc. of Providence, R.I. Janitz, 56, has operated the automotive division since June 1996. Before that, he was general manager of TRW Inc.'s Occupant Restraint Group. Previously, he was president of Wickes Manufacturing Co. He will continue as acting head of Textron Automotive until a successor is named.
ACQUISITION - Detroit-based American Axle & Manufacturing Inc. has agreed to pay up to $60 million to acquire 100 percent of MSP Industries Corp. of Troy, Mich. MSP makes precision-forged powertrain, driveline, chassis and other components. MSP operates three plants in southeastern Michigan.
ACQUISITION - Denso Corp. of Japan plans to acquire 80 percent of the Rotating Machines Division of Magneti Marelli S.p.A. of Milan, Italy. The Rotating Machines unit manufactures engine electrical equipment such as starters, alternators and windshield wiper motors. It operates plants in Italy, the United Kingdom, Brazil and Poland and last year posted sales of $390 million.
STEERING - DaimlerChrysler subsidiary Mercedes-Benz Lenkungen GmbH of Dusseldorf, Germany, and Siemens AG Automotive Systems Group of Regensburg, Germany, have agreed to a joint venture to develop power steering and complete steering systems. The companies plan to invest more than $120 million to develop electromechanical steering for high-volume production by 2002.
RELOCATION - Panasonic Automotive Electronics Co., a supplier of audio systems and components, plans to consolidate two Detroit-area offices into a new headquarters in suburban Southfield, Mich.
JOINT VENTURE - Mariah Industries Inc., a minority-owned module assembler in Warren, Mich., said it has formed a venture with Carlisle Engineered Products Inc. to provide modular assemblies. Carlisle, of Livonia, Mich., is an extruder and molder of rubber and plastic products. The venture, Prism Technology and Assemblies LLC, will be in Meadville, Pa.
ACQUISITION - DSM Engineering Plastics Inc. of Evansville, Ind., has agreed to acquire the Lomod co-polyester product line from General Electric Plastics. The move is part of DSM's plan to increase its co-polyester production 30 percent. Lomod is used in airbag covers.