UK'S TI boosts auto systems with French buy
LONDON - TI Group Plc, the diverse engineering company, has strengthened its automotive presence by taking full control of Marwal for $73 million.
UK-based TI is buying the outstanding 51 percent stake in the French company from Magneti Marelli SpA, the auto components division of Fiat SpA.
TI had already acquired 49 percent of Marwal when it bought US-based Walbro Corporation, a world leader in fuel tanks, earlier this year.
Walbro and Bundy, the fuel line specialist, form the core of TI's Automotive Group. Adding Marwal, which makes fuel pumps and modules for automotive fuel systems, will give TI the capability to deliver complete fuel systems to automakers.
Marwal, based in Chalons-en-Champagne, northern France, has 1,000 employees.
Brazil workers prepare for strike
SAO PAULO - Some 260,000 workers in Brazil's automobile industry are preparing to stage a nationwide strike in Latin America's largest market to demand protection for their jobs, a union spokeswoman said late last week.
Brazil's two main workers' union Forca Sindical and Central Unica dos Trabalhadores (CUT) are organising a joint demonstration of workers at major car makers like Volkswagen, Fiat SpA, Ford Motor Co. and General Motors Corp. on 24 August, a CUT spokeswoman said.
'We are giving the automakers time to respond until September 13 and, if they do not come up with a plan to guarantee jobs collectively, we will start striking on September 14,' she said.
An unrelenting wave of unemployment has hit Brazil's auto sector - the world's seventh biggest - amid an economic recession and workers are worried that more jobs will be cut due to slumping sales.
GM delays investment plans
BUENOS AIRES - General Motors Corp.'s Argentine unit has delayed plans to complete its
$1.1 billion investment in the country, due to a recession here and a steep fall in car demand in Brazil, the president of the carmaker's Argentine unit said Wednesday.
'Plans to invest $1.1 billion in Argentina over a decade are being delayed for obvious reasons,' General Motors Argentina's President Basil Drossos said.
In the 2 August issue of Automotive News Europe we stated that Mannesmann Sachs announced it would use a new brand, VDO Dayton, for its in-car information, navigation and communication systems business. The story should have said Mannesmann VDO AG was launching the new VDO Dayton brand.