Renault makes Dacia payment
Renault has bought a 51 percent stake in Romanian carmaker Dacia. Renault made partial payment for the stake in Dacia on September 29. 'Renault's payment represented 80 percent of the price for the Dacia stake,' said an official from Romania's State Ownership Fund. The price for 51 percent was set at $50 million.
Renault signed a contract in July to buy the stake as part of a $269.7 million deal including a five-year investment plan and a capital increase. Renault's plans for Dacia include upgrading technology and launching a new car between 2001-2003.
Reuters News Service
Lear renames Hungarian unit
Godollo-based United Technologies Automotive Hungary Kft has been renamed Lear Automotive Hungary Kft. The name change follows US-based Lear Corp.'s $2.3 billion acquisition of United Technologies Automotive Inc. in May.
Lear also has a Hungarian subsidiary, Lear Corp. Hungary Kft, which is wholly owned by Lear Corp. Drachtfedern GmbH of Germany. Lear Automotive Hungary produces electrical equipment for the auto industry. Lear Corp. Hungary assembles seats at plants in Mor and Gyor. Its main customer is Audi. The company was originally established by German firm Kepier Recaro.
New Denso plant will supply Isuzu
Denso Corp. opened Denso Manufacturing Hungary Kft, a new diesel-injector plant in Szekesfehervar, 65km southwest of Budapest, last month.
The 22,800-square-meter factory is expected to produce 230,000 injectors a year from 2000. The injectors will be delivered to the Isuzu plant in Katowice, Poland, and other car factories in the region.
Delphi to open aircon factory
Delphi Automotive Systems will establish a car air conditioning compressor factory in Hungary. Delphi will create a joint venture with minority partner Calsonic Corp. of Japan.
The plant will be built on a greenfield site in Balassagyarmat, northeast Hungary. It will manufacture compact variable compressors for the European market at the rate of 1 million units a year. The factory will employ 400 people.
Iveco merges Ukraine activities
Fiat SpA's commercial vehicle arm, Iveco, is to merge its two Ukranian companies Iveco Kraz and Iveco Motor Sich. The new company will be called Iveco Ukraine. Iveco wants to strengthen the local production of commercial vehicles, and expand into manufacturing diesel engines, gearboxes and vehicle components. It will also develop a sales and servicing network in the Ukraine.
Stories by Gordon Feller