Edscha, ASC form roof system tie-up
REMSCHEID, Germany - Edscha Cabrio-Verdecksysteme GmbH and ASC Inc. will develop and produce the complete roof system for the next-generation BMW Z3 roadster. The euro 260 million contract covers more than 300,000 vehicles for the duration of the project.
Edscha and ASC will form a 50-50 joint-venture company to develop and deliver the roof systems. Development work will take place mainly in Germany, and production will be in a new facility near BMW's US plant in Spartanburg, South Carolina.
Edscha Cabrio-Verdecksysteme is a subsidiary of German supplier Edscha AG. It supplies BMW, Audi, VW, Rover, Ferrari, Bertone and Volvo with convertible roof systems.
ASC is a speciality vehicle and products manufacturer based in Southgate, Michigan, USA.
Invensys sells fluid handling unit
LONDON - Invensys plc has sold its Automotive Fluid Handling business to Cooper Tire & Rubber Co. for $244.5 million. The division employs 4,000 people and is headquartered in Southfield, Michigan, USA. It had sales of $400 million for the 12 months ended September 30, 1999.
Chief Executive Allen Yurko said the divestment was part of Invensys' strategy of focusing on automation and controls. Invensys, based here, is a global electronics and engineering company formed by the merger of BTR plc and Siebe plc in February 1999.
Teves to open plant in Mexico
DETROIT - Brake and chassis supplier Continental Teves Inc. plans a $15 million wheel speed sensor plant in Silao, Mexico. Continental Teves, of Auburn Hills, Michigan, expects to begin production during the first quarter of 2001. Wheel speed sensors measure vehicle movement. They are a key part of the company's plan to supply electronic chassis control systems. The company is a US unit of Continental AG of Hannover, Germany.
IWKA continues expansion in USA
DETROIT - Key Welder Corp., which supplies automation equipment to the auto industry, has sold a controlling interest to IWKA AG of Karlsruhe, Germany, for an undisclosed sum.
Key Welder, of Roseville, Michigan, expects 1999 revenues of $60 million. It is the fourth recent acquisition by IWKA's US Production Automation division. The division has annual revenues of about $190 million.
Visteon moves closer to D/C
DETROIT - Visteon Automotive Systems has opened a sales and technology office near DaimlerChrysler's headquarters in Stuttgart. Visteon, of Dearborn, Michigan, USA, is the parts-making unit of Ford Motor Co. Visteon employs more than 4,000 people in Germany. The company's European customers include DaimlerChrysler, BMW Group and Audi AG.