Alcan, Ford agree to multiyear contract
MONTREAL - Alcan Aluminum Ltd. has signed a multiyear contract with Ford Motor Co. aimed at increasing aluminum use in the automaker's cars and trucks. The agreement will fill at least 50 percent of Ford's aluminum body sheet requirement and 25 percent of its wheel alloy needs. Ford gains an ability to predict the cost of its aluminum needs. The Canadian metals supplier did not disclose details and financial terms.
HAYES LEMMERZ REALIGNS
DETROIT - Wheel supplier Hayes Lemmerz International Inc. has realigned as it prepares to become a supplier of major portions of vehicles. The Northville, Mich., company is integrating its acquisition last year of CMI International Inc., a supplier of powertrain, suspension and wheel-end parts. Hayes Lemmerz has been divided into four businesses: North American Wheels, North American Components, European Wheels and European Components. The company is considering a $131 million offer by investors seeking to acquire the 25 percent of Hayes Lemmerz shares they do not own in order to take the company private.
COOPER INKS SIEBE DEAL
FINDLAY, Ohio - Cooper Tire & Rubber Co. of Findlay completed its $245 million purchase of brake and fuel line supplier Siebe Automotive from Invensys PLC of London. Siebe, of Southfield, Mich., posted sales of $400 million for the year ended Sept. 30. About 53 percent of Siebe's sales were from North America and the rest in Europe. Cooper is trying to broaden its product lineup and global reach.
TIRE MAKER SELLS STAKE
SEOUL - Tire maker Bridgestone Corp. has agreed to pay $140 million for the stake in a tire making joint venture in China owned by Kumho Industrial Co. Ltd. of Korea. Kumho has a 94.5 percent stake in the plant, in Tianjin. The plant can produce 3.5 million passenger-vehicle tires a year.
MINORITY SUPPLIER PACT
DETROIT - Dana Corp. of Toledo, Ohio, has awarded minority supplier Paper Plas Inc. a $2 million contract. Paper Plas, of Detroit, will provide packaging, packing and shipping for some Dana products for at least two years.