Tenneco raises funds
GREENWICH, Conn. - Tenneco Inc. said it has raised $500 million in the junk-bond market as part of the pending November spinoff of its packaging unit. Tenneco is the parent of suspension and exhaust system supplier Tenneco Automotive. After the spinoff, the debt will be the obligation of the renamed Tenneco Automotive Inc.
AUTOCAM HALTS TALKS
KENTWOOD, Mich. - Talks over a possible merger between Autocam Corp. and an undisclosed party have ended. Autocam, a supplier of machined parts for fuel systems, antilock brakes and electric motors, reported that it will continue to investigate all strategic alternatives.
AUTOLIV TAKES STAKE
STOCKHOLM - Autoliv Inc. plans to acquire 49.5 percent of Estonian Norma Group AS, the dominant seat-belt supplier to the Russian vehicle industry.
The agreement gives Autoliv, a supplier of automotive safety systems, the right to acquire another 1.5 percent of Norma Group's shares. Norma Group, a supplier to Autoliv, last year posted sales of $30 million.
O'SULLIVAN WINS PACT
WINCHESTER, Va. - Interior trim supplier O'Sullivan Corp. won the contract to supply the covering material for the instrument panel and door trim for the Australian Ford Falcon. O'Sullivan has begun mass shipment of foam laminate cover stock on the instrument panel and trim for all four doors.