Contech in Wales
CARDIFF, Wales - SPX Contech, based in Portage, Michigan, USA, has started construction of a new plant in Welshpool, Wales.
SPX Contech is investing E32.5 million in the 11,250-square-meter facility that will manufacture aluminum steering and powertrain components.
The project will create 180 jobs.
James Peters, president of SPX Contech, said: 'We are committing ourselves to a major project that will play a pivotal role in our European operations.'
DETROIT - Collins & Aikman Corp. of Troy, Michigan, USA, has won a multiyear contract to supply floor mats and carpet for the Chrysler PT Cruiser to be built in Graz, Austria.
Neither the value nor length of the agreement was disclosed, but production begins next autumn for a late-year 2001 model. The mats and carpet will be manufactured at Collins & Aikman plants in Belgium and Austria and will be installed in both European left- and right-hand-drive models. It is the supplier's first business for the PT Cruiser, which is also built in Mexico for the North American market.
Pilkington pulls out
DETROIT - Visteon Corp. has lost the buyer for its $800 million glass business.
The Dearborn, Michigan, USA, supplier and Pilkington plc of England canceled negotiations early this month because of concerns related to the deal's valuation, retention of liabilities and the form of future employee contracts, a Visteon spokeswoman said.
Visteon will seek alternative buyers for the marginally performing glass business.
The glass plants require a $250 million upgrade, Chairman Peter Pestillo said, and glass making doesn't fit into the supplier's long-term core operations.
Visteon signed a letter of intent in June calling for Pilkington to take 81 percent of a joint venture glass company.
As recently as mid-October, executives were expecting the deal to be final by year end.
DAYTON, Ohio, USA - Amcast Industrial Corp., based here, has hired New York investment bankers Lehman Brothers Inc. to explore alternatives, including the sale of the company.
The supplier of cast- and tubular-metal products for the automotive industry has been hurt by its European wheel business. Its share price has declined 37 percent in the past year. The weak euro also offset improved sales, the company reported.
Tenneco, Futaba JV
LAKE FOREST, Illinois, USA - Exhaust system supplier Tenneco Automotive Inc. plans a joint venture with Futaba Industrial Co. to produce mufflers and related parts for automakers in Japan.
The planned Futaba-Tenneco UK Ltd. - 51 percent owned by Futaba of Japan and 49 percent owned by Tenneco of the USA - is expected to buy the assets of Tenneco's plant in Burnley, England, for about $20 million (E24.15 million). The plant supplies exhaust systems for Toyota Motor Corp. and others.
Completion of the venture and purchase agreement is expected this year.
DETROIT - Federal-Mogul Corp. launched an aftermarket Internet service called Fmconnect at the start of the month.
The service, accessible by Federal-Mogul's corporate website, includes product information and technical bulletins. Since its launch on November 1, the site has averaged 5,400 hits per day.
Federal Mogul, of Southfield, Michigan, USA, is developing a similar website for its European aftermarket customers.