Tenneco gets $2.6 billion credit line
GREENWICH, Conn. - Tenneco Automotive parent Tenneco Inc. of Greenwich has obtained a $2.6 billion credit line as part of the planned separation of its automotive business from Tenneco Packaging.
The new bank financing will redeem the current debt held by investors in Tenneco Inc. It will include $1.6 billion for the automotive unit and $1 billion for the packaging unit. Tenneco Automotive Inc. next month is expected to become the successor to Tenneco Inc. It will have new senior management and will be publicly traded.
AUTOLIV: SALES TO RISE
STOCKHOLM - Autoliv Inc. expects to sell nearly 50 percent more airbags by 2001 than the 28 million airbags sold last year.
The increase to 40 million airbags will come mainly from side-impact units, which command a lower price than frontal airbags, company CEO Lars Westerberg told analysts in New York.
ATX ADDS M-B SERVICES
DALLAS - ATX Technologies Inc. of Dallas plans to expand its live-operator and data response services with Mercedes-Benz USA Inc.
ATX will provide monitoring for five more Mercedes model lines as part of the carmaker's TeleAid telematics program. The program integrates wireless voice and data telecommunications and other vehicle systems to live operators. ATX services include emergency response, roadside assistance and turn-by-turn directions.
GKN TO BUY OHIO PLANT
CHICAGO - Borg-Warner Automotive Inc. plans to sell its forged powdered metal operations in Gallipolis, Ohio, to GKN Sinter Metals Inc.
GKN obtains a plant with about $40 million in sales of products used in vehicle transmissions and torque converters to General Motors, DaimlerChrysler and Borg-Warner. GKN, of Auburn Hills, Mich., is a subsidiary of GKN PLC of the United Kingdom. Borg-Warner is a powertrain systems supplier.
GKN ACQUIRES SUPPLIER
DETROIT - GKN Sinter Metals Inc. has acquired Zenith Sintered Products Inc., a privately held supplier in Germantown, Wis. Terms were not disclosed.
Zenith, with sales last year of $61 million, supplies automotive main bearing caps. The company also supplies the industrial, home appliance and hand tool markets.
TOWER TO CLOSE CENTER
GRAND RAPIDS, Mich. - Tower Automotive Inc. plans to shut the Detroit Tooling Center that came with its recent acquisition of Active Tool & Manufacturing Co. Inc. of Roseville, Mich.
Tower, a supplier of automotive suspension components and systems based in Grand Rapids, plans to shut the center by Dec. 1. Tower said it expects no earnings impact.
AIAG GIVES AWARDS
DETROIT - The Automotive Industry Action Group has honored individuals and corporations with annual achievement awards for support of the organization's cooperative auto industry efforts.
Lifetime Achievement Award winners and their workplaces are Richard Cochrane, director of information technology for Dana Corp. in Muskegon, Mich.; Roger Sergeant, automotive industry manager for IBM Corp. in Southfield, Mich.; and Roger Wisley, manager of EDI operations for Navistar International Transportation Corp. in Westchester, Ill.
Individual Outstanding Achievement Award winners are Larry Acord, director of Global Professional Services automotive practice for Computer Associates International Inc. in Ann Arbor, Mich.; Douglas Buchanan, business technology manager for Dofasco Inc. in Hamilton, Ontario; Larry Graham, global manager of automatic identification technologies for General Motors in Detroit; Kenneth Holzheimer, supply chain performance specialist for Ford Motor Co. in Dearborn, Mich.; Bhaskar Kakulavarapu, manager of advanced technology for Lear Corp. in Dearborn, Mich.; Dennis Kirchoff, Automotive Network Exchange development leader for Ford Motor Co. in Dearborn, Mich.; Donna LeFaive, product development specialist for Trinary Systems Inc. in Farmington Hills, Mich.; Melanie McCarthy, EDI manager for General Motors in Detroit; and Laura Migliore, supervisor of training programs and business operating system administration for DaimlerChrysler in Auburn Hills, Mich.; Gary Morin, director of automotive market development for BCE Emergis in Livonia, Mich.; Terry Onica, manager of supply chain EDI and educational resources for Trinary Systems Inc. in Farmington Hills, Mich.; Lynne Palmitier, supervisor of business process development for Ford Motor Co. in Dearborn, Mich.; Dean Pierson, manager of e-business planning and development for DaimlerChrysler in Center Line, Mich.; John Sakulich, administrator of production controls and logistics for General Motors in Warren, Mich.; and Michael Strub, information specialist for Electronic Data Systems Corp. in Troy, Mich.
Corporate Outstanding Achievement Award winners are DaimlerChrysler of Auburn Hills, Mich.; Dana Corp. of Toledo, Ohio; Ford Motor Co. of Dearborn, Mich.; Future Three Inc. of Northville, Mich.; General Motors of Detroit; and Trinary Systems Inc. of Farmington Hills, Mich.
The Automotive Industry Action Group, based in Southfield, Mich., is a not-for-profit trade association of automotive and truck manufacturers and their suppliers.