Tenneco cuts 285 jobs in N. America
LAKE FOREST, Ill. - Tenneco Automotive Inc. last week eliminated 285 of its salaried positions in North America. The company has cut an additional 140 salaried positions worldwide since the beginning of the year.
The job cuts are part of Tenneco Automotive's cost reduction plan to eliminate up to 700 positions from its worldwide salaried work force by July 2001. Eliminating the 700 positions is estimated to save the supplier about $45 million annually.
Tenneco Automotive is in Lake Forest. Its products include ride-control and emissions-control systems.
GENCORP TO BUY DRAFTEX
SACRAMENTO, Calif. - GenCorp of Sacramento, Calif., agreed to buy Laird Group's Draftex International car body seals division for $188 million in cash. The deal is expected to be complete by January.
Draftex of Dusseldorf, Germany, will bring GenCorp about $415 million in global automotive sealing sales per year. GenCorp also will acquire Draftex's German headquarters and technical center, and its 11 manufacturing plants worldwide.
GenCorp Vehicle Sealing of Farmington Hills, Mich., has projected 2000 sales of about $460 million.
GM PICKS EAGLE-PICHER
DETROIT - The Hillsdale division of Eagle-Picher Automotive won a contract to build connecting rods for General Motors' 2.2-liter four-cylinder engine. Terms of the deal were not disclosed.
Eagle-Picher plans to manufacture 5 million connecting rods over the duration of the three-year contract. The supplier will begin production in December at its Traverse City, Mich., plant.
The Hillsdale division's products include components and assemblies for engine, transmission, driveline and suspension systems. Eagle-Picher Automotive of Inkster, Mich., has $533 million in global automotive sales.
BORGWARNER LANDS DEAL
MARSHALL, Mich. - Volvo North America has made BorgWarner Cooling Systems' Fail Safe on/off fan clutch standard equipment on all of its trucks made in North America. A fan clutch uses sensors to determine if the engine's fan needs to be on or off.
BorgWarner Cooling Systems, a division of BorgWarner Inc. of Chicago, manufactures the fan clutches at its plant in Cadillac, Mich.