BorgWarner supplies Ford
CHICAGO - BorgWarner Inc. of Chicago is supplying Ford Motor Co. with camshaft drive systems and oil pump drive systems for its new family of inline four-cylinder engines.
These engines initially will be used in two Ford vehicles. However, BorgWarner expects this will be the largest engine program in the supplier's history.
Terms were not disclosed.
The components will be manufactured at BorgWarner's Morse TEC plants in Guadalajara, Mexico; Nabari City, Japan; Ithaca, N.Y.; and Arcore, Italy. BorgWarner Morse TEC, an operating group of BorgWarner, designs and manufacturers automotive chain systems and components.
Valeo orders U.S. layoffs
DETROIT - Valeo Inc. temporarily laid off 129 workers at plants in North America this month.
As part of the cutback, a total of 64 employees were temporarily laid off at the supplier's Rochester, N.Y., plant, which makes wiper systems and motors for General Motors. The plant is Valeo's largest in North America and now has about 2,836 employees.
Valeo's other temporary layoffs affected 65 employees from its engine cooling division plant in Greensburg, Ind., and technical center in Auburn Hills, Mich. The division has about 285 workers after the cutback.
The French supplier is trimming output at its plants in response to industry production cuts.
Accounting problem at Dana
TOLEDO, Ohio - Dana Corp. will take a $27 million charge in the fourth quarter as a result of irregular accounting at Venezuelan affiliate C.A. Danaven.
The metal products joint venture, in which Dana has a 49 percent stake, posted a $55 million year-end loss.
Dana, majority owner Siderurgica Venezolana wSivensa SA, and Danaven's independent auditors are investigating the causes of the loss. Bad bookkeeping is the likely culprit, an official said.
It's too early to say how the Danaven loss will affect quarterly profits, a Dana official said.
Production cuts will hit Lear
DETROIT - Lear Corp. says cuts in North American light-vehicle production will reduce its earnings in the fourth quarter.
The Southfield, Mich., interior and electronics supplier expects its fourth quarter fully diluted recurring earnings to be about $1.35 per share, compared with 1999 earnings of $1.36 per share.
However, Lear estimates its full-year 2000 earnings to be about $4.20 per share, up from $3.76 per share in 1999. Sales for 2000 are estimated to be about $14 billion.