BTR-Siebe to merge
LONDON - The boards of engineering groups BTR and Siebe have agreed the terms of a proposed merger. BTR operates through four global groups: control systems, power drives, specialist engineering and automotive. Siebe is focused on the supply of controls and automation products, systems and services. The combined market capitalization of BTR and Siebe would be about £7.6 billion ($12.3 billion). 'The merged business will be a leading force in global engineering, offering total solution packages in controls and automation,' said BTR Chairman Robert Bauman. The merger is expected to be effective in February 1999.
Manuli grows 38%
TURIN - Manuli Rubber Industries SpA has announced net consolidated turnover of L449 billion ($262.5 million) for the first nine months of 1998. This is a 38 percent increase over the same period in 1997. The turnover figure also includes sales carried out by Murray Europe SpA. The company, which supplies air conditioning and power steering hose assemblies, was acquired in May. Manuli specializes in the manufacture and distribution of components for automotive, hydraulic, and oil and marine applications. It is forecasting sales of L600 billion this year, up 35 percent on 1997.
Teksid in focus
MILAN - Fiat has sold the steel component manufacturing activities of its steel unit Teksid to Germany's Neumayer Holding GmbH for an undisclosed sum. Fiat said the move confirmed Teksid's objective of focusing on its core business in aluminum, cast iron and magnesium for the car parts industry. The deal involves the sale of the entire capital of Tekfor SpA and Tekfor do Brasil SA, which operate plants in Turin and Brazil, respectively.