Dana to swap units with GKN
BRUSSELS - Dana Corp. and GKN PLC have obtained European Union approval to exchange business units that make drivetrain systems for cars and trucks.
Dana will swap a unit that builds mainly front-wheel parts for light trucks for a GKN unit that makes rear-wheel systems for heavy trucks. Dana and GKN also are expected jointly to build a combined axle and joint systems for light trucks.
The deal will involve a cash exchange, but it is not yet clear which company will pay or the balance due. Dana expects to close on all of the exchanges by year end. The move is Dana's latest effort to expand in Europe.
COOPER ADDS BUSINESS
FINDLAY, Ohio - Cooper Tire & Rubber Co. reported more than $200 million of annualized new business in recent months from future programs for General Motors, DaimlerChrysler, Ford Europe and Volkswagen.
The new contracts are for 2001-03 model vehicles and include a total vehicle sealing system for GM's new GMT 355 line of light trucks for the 2003 model year. Cooper will coordinate worldwide production in the United States, Brazil and Thailand.
ALCAN ADDS CAPACITY
CLEVELAND - ALCAN Aluminum Corp. of Cleveland has ordered a $6 million machine for its Fairmont, Va., plant as part of its expansion of light-gauge aluminum stock production for use in radiators, condensers, evaporators and other components. The new aluminum slitting machine will come online during the last half of 2000.
TEXTRON BUYS SUPPLIER
PROVIDENCE, R. I. - Textron Inc. has acquired InteSys Technologies Inc. of Gilbert, Ariz., a supplier of plastic and metal assemblies.
Textron, of Providence, said projected 1999 sales for InteSys would be about $160 million. Price and terms of the deal were not disclosed. Textron Automotive supplies instrumental panels, interior and exterior trim, lighting and fuel tanks.
SIMPSON SURVIVES FLOYD
DETROIT - Simpson Industries Inc. kept its Greenville, N.C., manufacturing plant operating last month despite being surrounded by floodwaters from Hurricane Floyd. Simpson, of Plymouth, Mich., arranged helicopter transportation for employees, including front office staff, to supplement the plant's work force. Production was quickly returned to 100 percent. Simpson supplies noise and vibration products.