Magna triples component plan
GRAZ, Austria - Magna Europe will invest Sch3 billion ($235 million) in a new component plant replacing an old plant within Magna Steyr Fahrzeugtechnik grounds here.
Originally the investment was scheduled at Sch78 million, but executives decided to triple investment in a three-stage approach.
Bundy wins gold star
LONDON - Chrysler has awarded a Gold Pentastar to TI Group subsidiary Bundy Automotive for manufacturing excellence during 1997. Bundy, which makes fluid-handling systems, has also been given Full Service Supplier status by Ford, in recognition of Bundy's role in designing and testing new parts.
Carry on, Mont Blanc
MUNICH, Germany - Mont Blanc Industri AB has bought Munich-based luggage-rack manufacturer Sherpas Autodachtraeger GmbH & Co. KG. Mont Blanc Industri is a subsidiary of US-based roof-rack and trim supplier JAC Products. Earlier this year it bought another German luggage-rack maker, C&T Fahrz-eugtechnic.
TRW's profit declines
CLEVELAND, Ohio - TRW's second-quarter automotive operating profit fell 18 percent to $148.1 million, compared with a year earlier, on sales that declined 3 percent to $1.8 billion. The company blamed the poor results on the GM strikes and the strong dollar. 'We have been able to match the effect of lower prices with dollar-for-dollar cost reductions,' said TRW Chairman Joseph Gorman. 'Although automotive operating margins have stabilized, we're still not pleased with the profitability of this business.'
MUNICH, Germany - Motorola has formed a technology-sharing alliance with Austrian software and microchip developer TTTech (Time-Triggered Technology) Computertechnik GmbH. Motorola will build microcontrollers using TTTech's modules that it says will allow carmakers to add faster and more sophisticated electronic braking and steering controls.