Steyr profits up
VIENNA - Steyr-Daimler-Puch announced record profits of Sch598 million ($45 million) for 1997 - nearly three times higher than in 1996. Sales were up 25 percent to Sch14.2 billion. Steyr was recently acquired by Magna International. The company forecast a 20 percent rise in sales this year, but said that profits will be reduced by heavy investment. These include expanding production of the Jeep Grand Cherokee and opening a new engineering center.
National Standard opens airbag site
PETERLEE, UK - National Standard, a US airbag component manufacturer, has opened a new production site in Peterlee to supply the European airbag market. The plant will supply components to the nearby TRW plant. Annual sales will be about $9 million.
Aluminum foundry in Hungary
BUDAPEST, Hungary - Magyar Aluminium Rt and German company Metallwerke Kamm GmbH have opened a $2.8 million aluminum foundry in Inota. The plant will process up to 450 tonnes of the metal each year. The car-ready products will be sold by Metallwerke Kamm in Germany to its major customers - Audi, Volkswagen, and BMW.
Bundy wins Astra...
ABINGDON, UK - Bundy, the TI Group subsidiary, has won a life-time contract to supply fuel and brake lines to GM Astra models built in Europe. Left-hand-drive Astras for mainland Europe will be supplied from the Bundy facility in Belgium. Vauxhall versions will be supplied from the firm's Telford, UK plant, where 20 new jobs will be created.
... and buys S&H
ABINGDON, UK - The Bundy Group has purchased S&H Fabricating and Engineering, the Florida-based manufacturer of powertrain fluid handling systems. S&H, purchased for $350 million, will give Bundy a further 12 manufacturing sites in Europe, the USA, Canada and Mexico. S&H's 2,700 staff will join Bundy's 12,000 staff worldwide.
GM order biggest ever for Pilkington
BIRMINGHAM, UK - GM Europe has placed an order with Pilkington for a large proportion of the glass for the Opel/Vauxhall Astra throughout its production life. Pilkington factories in St. Helens in the UK, San Salvo in Italy and Sagunto in Spain will supply Astra glass to the four European plants producing the car. San Salvo will run a dedicated Astra windshield line 24 hours a day.
Dana to supply Rover and Chrysler
MUSKEGON, Michigan - Perfect Circle Sealed Power Division, a Dana Corp. subsidiary, will supply BMW-Chrysler joint venture Tritec Motors with piston rings kits for new 1.6-liter and 1.4-liter engines. The engines, which will be produced in Campo Largo, southeast Brazil, are expected to come on-line in 2000. Annual production is set to reach 400,000.