PARIS - Valeo Ventures, the technology subsidiary of Valeo SA of Paris, will acquire a 15 percent stake in computer-aided system supplier TTS, also of Paris.
The decision is part of the announcement Valeo made in January to set aside E100 million to invest in technology companies.
As part of this plan, Valeo in April invested in European supplier Parrot Systems, which specializes in voice recognition for vehicle mobile telephone applications.
TOLEDO, Ohio, USA - Dana Corp. plans to sell its Quinton Hazell Group, a manufacturer and distributor of automotive aftermarket components in Europe.
The Toledo-based drivetrain and chassis components supplier plans the divestiture as part of its effort to focus on its core businesses and their supporting technologies, the company said.
Dana's Quinton Hazell unit is headquartered in Nuneaton, England, operates 14 plants in nine countries and had sales last year of E325 million.
Dura steering buy
DETROIT - Dura Automotive Systems Inc. of Rochester Hills, Michigan, USA, acquired Reiche GmbH & Co. KG Automotive Components from Reiche GmbH & Co. KG Management Verwaltungs und Beteilingungsgesellschaft.
Dura assumed the supplier's E4.7 million in debt, and will pay E19 billion through the end of 2003.
Reiche, of Lage, Germany, makes steering columns and steering column components. General Motors and Opel accounted for about 83 percent of the supplier's 1999 sales of about E70 million.
D/C, Caterpillar link
PEORIA, Illinois, USA - Caterpillar Inc. and the commercial vehicle division of DaimlerChrysler AG will form a 50-50 global alliance to develop medium-duty engines, fuel systems and other powertrain components.
The companies plan to create joint ventures that will supply parts to DaimlerChrysler, Caterpillar and other companies. The automaker and the Peoria heavy-equipment manufacturer will also work together on research and engineering projects focusing on combustion technology, electronics and exhaust systems. Their purchasing activities will also be combined.