Eaton buys Amtec
CLEVELAND - Eaton Corp. has acquired Amtec SpA., a privately owned manufacturer of automotive cylinder heads, for an undisclosed sum. Amtec, which is headquartered near Turin, Italy, has 78 employees and had 1997 sales of $27 million. In October 1997, Eaton and Amtec established a joint venture to produce cylinder heads in Brazil for South American customers. The joint venture will become a wholly owned subsidiary of Eaton.
LONDON - GKN Sinter Metals, a leading supplier of powder metal components, will buy the precision-forged powder metal connecting rod business of Borg-Warner Automotive Inc. GKN Sinter Metals has annual sales of about $500 million. Borg-Warner Automotive, based in Romulus, Michigan, employs 325 people and had 1997 sales of $32 million.
EU approves Valeo-ITT deal
BRUSSELS - The European Co-mmission has approved Valeo's acquisition of ITT Automotive's electrical business. The unit makes electrical motors, air management and engine cooling products, wipers, lamps, switches and sensors.