Kiekert grows strongly in USA
HEILIGENHAUS, Germany - Kiekert AG, the world market leader in car locking systems, said sales in its 1999 financial year rose by almost 20 percent to DM1.2 billion (A618 million). Growth was driven by expansion in the USA, where sales climbed from DM31 million in 1998 to DM166 million last year.
US losses halved in 1999, said Kiekert, and group profits reached DM103 million. Kiekert expects to show a profit in the USA this year.
Kiekert also expects to win orders for new products such as electric sliding doors, liftgate actuators and a second-generation door module in 2000.
Kiekert said sales would grow to DM1.3 billion this year.
Oxford ready to acquire Gessaroli
TURIN - Oxford Automotive Inc. will purchase Gessaroli Group, a leading Italian supplier of locking mechanisms, latches, stampings, fine blanking and weld assembly. Terms were not disclosed.
The Gessaroli Group, located here, employs about 180 in three production facilities. 'Gessaroli is a perfect fit for our modular closure system operations,' said Steven Abelman, president and CEO of Oxford Automotive.
Oxford Automotive, headquartered in Troy, Michigan, USA, currently operates 26 facilities in five countries.