Delphi boosts its investment in Poland
DETROIT - Delphi Automo-tive Systems Corp. plans to invest as much as $600 million in Poland over the next five years, according to Bloomberg News Service. Delphi, which already has invested $150 million in auto parts production in Poland, wants to export up to 70 percent of its Polish output. Delphi, of Troy, Mich., owns five factories in Poland.
COLLINS & AIKMAN POSTS LOSS
DETROIT - Collins & Aikman Corp. posted a $6.5 million net loss from a restructuring charge for the quarter ended Sept. 25, 1999. That compared with loss of $8.4 million for the year-ago quarter.
Sales for the Troy, Mich., company rose 13 percent to $427.9 million, compared to $377.9 million for the comparable quarter a year ago. The increase was due to strong growth at the company's North American Automotive Interior Systems division. Collins & Aikman supplies floor and acoustic systems and automotive fabric, interior trim and convertible top systems.
CHERRY EARNINGS TO FALL
WAUKEGAN, Ill. - Cherry Corp., a supplier of electrical switches and sensors for automobiles and computers, warned that third-quarter earnings could fall as much as 55 percent over year-ago levels.
Sales at Cherry, of Waukegan, could decline up to 5 percent, the company reported. A Cherry spokesman said the company incurred higher costs in an effort to meet production targets in its auto unit and capacity problems in the semiconductor business.
TEXTRON EXPANDS IN JAPAN
DETROIT - Textron Automotive Co. Inc. plans to establish a sales and engineering office for Yokohama City, Japan, to complement its Nagoya office. The Troy, Mich., company supplies instrument panels, cockpit modules, exterior and interior trim, and plastic fuel tanks.
VENTURE TO SELL CHEMICALS
HASTINGS, Mich. - Hastings Manufacturing Co., a supplier of chemicals, piston rings and specialty tools, has formed a 50-50 joint venture with privately held Intraco Corp. to sell branded vehicle chemicals around the world. The newly formed Casite Intraco LLC will do business as the Casite Co. It will combine product-development and domestic sales network of Hastings Manufacturing with the sales and marketing capabilities of Intraco, a Troy, Mich., distributor of automotive aftermarket products.
DEFIANCE TOOLING EXPANDS HQ
DETROIT - Defiance Tooling Systems, a supplier of fixtures and gauges, is closing its St. Clair Shores, Mich., plant and transferring all of the factory's employees to its Livonia, Mich., headquarters complex. Defiance, a wholly owned subsidiary of Gen-Tek Inc. of Parsippany, N.J., supplies computer-aided design and measuring. It also builds large gauges and fixture assemblies.
VALEO EXPANDS IN GERMANY
PARIS - Valeo SA plans to invest $56.6 million in its wipers and electric motors business in Bietigheim, Germany.
The Paris supplier of electrical components plans to upgrade existing buildings and construct new, nearby facilities as part of a major manufacturing and technical center. Construction is expected to take 20 months.