Wynn's to buy Goshen Rubber
ORANGE, Calif. - Wynn's International Inc. has agreed to acquire privately held Goshen Rubber Cos. Inc., a supplier of O-rings, gaskets and other rubber, plastic and urethane products, according to Austin-Pierce Ltd., the New York investment banking firm that advised Goshen Rubber. Wynn's, of Orange, Calif., a supplier of sealing products, agreed to pay $85 million and retire Goshen's outstanding bank debt. Goshen Rubber, of Goshen, Ind., posted sales of $173 million for its fiscal year ended June 30.
SHILOH GETS MTD
VALLEY CITY, Ohio - Shiloh Industries Inc. completed its acquisition of MTD Automotive, a division of MTD Products Inc. of Cleveland. Shiloh, a supplier of blanks, stampings and processed steel, agreed to pay $20 million in cash plus 1.4 million newly issued shares of Shiloh common stock.
BORG-WARNER LOOKS AHEAD
CHICAGO - Borg-Warner Automotive Inc. said it plans for $850 million in expected new powertrain business for 2000 through 2002. About 70 percent of the new business is expected to be engine-related, including turbochargers, engine-timing systems and engine-cooling and air-management systems. Twenty-four percent of the new business is expected from the sales of automatic transmission components.
WARNER ON THE BLOCK
TOLEDO, Ohio - Dana Corp. has agreed to sell several of its Warner Electric businesses. Dana plans to sell those operations to Colfax Corp., a maker of pumps, valves, clutches and other transmission parts. Last year, the operations that Dana plans to sell generated revenue of $360 million. In June, Dana reported that it will sell part of its electric-motor business. Last month, Dana said it will close 43 plants to cut costs because sales of replacement parts have slowed.
NEW YORK - Moody's Investors Services placed wheelmaker Titan International Inc.'s credit rating on review for a possible downgrade, a move that could affect $400 million of debt securities. The Moody's review was prompted by the failure of Carlisle Co. and Titan of Quincy, Ill., to reach a merger agreement. The merger would have strengthened Titan's creditworthiness. Titan's financial performance has deteriorated in 1998 and 1999, the rating agency said.
EXIDE, WAL-MART LINKED
READING, Pa. - Exide Corp. plans to test market its newly developed, premium Orbital Select automotive batteries at selected Wal-Mart locations. The first shipment of 12,000 Orbital batteries begins this month and represents Exide's first entry into Wal-Mart.
VALEO, NISSAN TALK
TOKYO - Valeo SA is talking with Nissan Motor Co. about producing transmissions with Nissan subsidiary JATCO TransTechnology Ltd., Bloomberg News reported. JATCO, which makes continuously variable transmissions, forecasts sales of $2.4 billion in the fiscal year that ends in March. The company also supplies Suzuki Motor Corp.