American Axle joins venture in Brazil
DETROIT - American Axle & Manufacturing Holdings Inc. has gained a foothold in South Ameri-ca through a joint venture with Hubner Industria Mecanica Ltda. of Curitiba, Brazil.
The newly created AAM do Brasil Ltda., headquartered in Curitiba, will machine forgings and driveline components for customers including General Motors, Delphi Automotive Systems Inc. and TRW Inc. American Axle of Detroit is a driveline supplier.
TOLEDO, Ohio - Stonebridge Industries Inc. of Maumee has acquired Mayco Plastics Inc., an injection molding company in Sterling Heights, Mich.
Mayco, Stonebridge's fourth acquisition and its first in the plastics business, specializes in safety restraint, functional and interi-or/exterior plastic molded parts. Stonebridge was created in 1997 to acquire and develop automotive suppliers in the metals, plastics and aftermarket industries.
SECURITIES SALES SOUGHT
WASHINGTON - Cooper Tire & Rubber Co. seeks permission to sell $1.2 billion of additional securities, and TRW Inc. wants to sell $1.66 billion worth.
The suppliers' filings with the Securities and Exchange Commission would allow Cooper, of Auburn, Ind., and TRW, of Cleveland, to sell debt securities, preferred and common stock, and warrants. Cooper supplies sealing and vibration-control systems, hoses and hose assemblies. TRW supplies airbags, steering, suspension and engine components.
HARVARD BUYS SHARES
LEBANON, N.J. - Harvard Industries Inc. purchased 762,000 of its common shares in a transaction valued at $5 million. The share repurchase by the supplier of seals, castings and other components was funded by proceeds from the recently completed sale of its Kingston-Warren subsidiary.
Separately, Harvard announced it has won a contract to supply Outboard Marine Corp. with drive and propeller shafts. The deal could be worth as much as $50 million.
Harvard is building a 16,000-square-foot plant in addition to an existing 86,000-square-foot plant to accommodate the new work.
ALTIMA HOSE OUTPUT
TOLEDO, Ohio - Dana Corp.'s Plumley Division has begun production of seven low-emission fuel tank hoses for the Nissan Altima.
Plumley is expected to supply about 1.5 million hose components as part of new business to the Nissan Motor Manufacturing Corp. U.S.A. assembly plant in Smyrna, Tenn.
U.S. STEEL EXPANDS
DETROIT - U.S. Steel's Automotive Group has opened its automotive center in Troy, Mich. The center combines the company's automotive sales, product technology and distribution and logistics services as well as a 14,000-square-foot steel automotive applications facility.
MINNEAPOLIS - J.L. French Automotive Castings Inc. has signed an agreement to acquire all outstanding common stock of Nelson Metal Products Corp.
Nelson Metal Products, which has plants in Grandville, Mich., and Glasgow, Ky., supplies medium and large aluminum automotive die castings. Annual sales are $200 million. Customers include Ford Motor Co. and General Motors.
J.L. French Automotive Castings, of Minneapolis and Sheboy-gan, Wis., supplies aluminum die cast automotive parts such as oil pans, engine front covers, engine blocks and transmission cases.
CLEVELAND - Third-quarter profits rose less than expected at Eaton Corp. of Cleveland, sending the share price down as much as 18 percent.
Profits from operations rose to $108 million, $1.45 per share, up from $85 million, or $1.18 a share, during the year-ago period. Eaton was expected to earn $1.56 a share. Sales of Eaton's hydraulic systems to farm equipment makers have slowed because of low farm commodity prices.
FORD TAPS WILLIAMS
PORTLAND, Ore. - Williams Controls Inc., a Portland-based supplier of sensors, controls and communication systems, has won a contract to supply electronic throttle controls for a future Ford vehicle. Terms were not disclosed.
MAGAZINE HONORS PEARCE
NEW YORK - General Motors Vice Chairman Harry Pearce has received Parents magazine's 1999 'As They Grow' Corporate Citizen Award. Pearce was chosen from among nearly 1,100 nominations nationwide. He was selected for his efforts at leading the GM team that developed a trap-resistant retrofit kit that prevents children from accidentally becoming trapped in locked car trunks. The award also recognized GM as a leader in child safety restraint. Parents magazine will award 125 car and booster seats on behalf of GM to the National Safe Kids Campaign for low-income families.
QS-9000: Ross Aluminum Foundries Division of Eagle-Picher Automotive, Oak Street and Avon plants, Sidney, Ohio; Fujitsu Takamisawa America Inc., Sunnyvale, Calif., automotive relay unit; Walker Engineering Enterprises, North Hills, Calif.