Aisin Seiki buys Exedy share
TOKYO - In a combination of Japan's top powertrain-components companies, Aisin Seiki Co. has purchased Nissan Motor Co.'s 23.4 percent stake in Exedy Corp. for an undisclosed amount. Exedy holds an estimated 10 percent share of the global original equipment market for clutches; Aisin Seiki has a 6 percent share. Exedy also makes torque converters and transmission parts. Aisin Seiki, in which Toyota Motor Corp. has a 24.5 percent stake, buys about $18.5 million in parts from Exedy each year. Aisin Seiki's consolidated sales of $9.1 billion in the fiscal year that ended March 31 were almost 10 times Exedy's $916 million.
Ferrari expects record sales
ENGLEWOOD CLIFFS, N.J. - Ferrari North America Inc. expects record U.S. sales for 2001 of about 1,150 new cars. That is a surprise, considering the somewhat softer economy.
'The economy is no doubt cooling, but it's not a recession,' said Stuart Robinson, CEO of the U.S. subsidiary. He said sales are strong for new and used Ferraris. The old U.S. record was 1,079 new cars in 1988.
Toyota is tops in satisfaction
SAN DIEGO - Toyota Motor Sales U.S.A Inc., with six vehicles at the top of their class, led the way in a vehicle satisfaction study released by research firm Strategic Vision Inc. Toyota's luxury division, Lexus, produced the highest rated car in the survey: the LS 430. Chrysler group, which netted four top spots, showed the most improvement over last year's survey. Chrysler was the only U.S. automaker to have a top-performing vehicle in the study. For more, see automotivenews.com.
Fiat goal: Break up supplier
TURIN, Italy - Fiat Group hopes to finish breaking up its Magneti Marelli supplier subsidiary by year end, getting rid of almost half of the group's e6.5 billion of debt ($5.5 billion at current exchange rates).
Fiat already sold e1.5 billion worth of Magneti Marelli operations in 1999 and 2000. Selling most of what's left is seen as Fiat's fastest way of reaching its debt-reduction goals.
The two remaining operating divisions are Powertrain Systems and Electronic Systems.
Fiat is expected to retain just two Magneti Marelli operations: the Midas Europe quick service chain and a 50 percent share of the Viasat joint venture with Telecom Italia.