Beru rejects takeover bid
WASHINGTON, USA - Carlyle Group Inc., a Washington, DC, private equity firm with $4 billion to invest, was rejected in its bid to acquire German supplier Beru AG. Beru, of Ludwigsburg, said it is worth more than $515 million, not the $303 million Carlyle offered.
Meanwhile, Beru has received a major contract from General Motors. It will take over GM's worldwide replacement parts activities for diesel cold-start equipment. The initial supply volume is 700,000 heater plugs.
Autoliv increases Japanese presence
STOCKHOLM - Swedish safety system supplier Autoliv Inc. has agreed to purchase steering wheel maker Izumi Ltd. of Atsugi, Japan. Price and terms were not disclosed.
Izumi's acquisition will give Autoliv more than 20 percent of the Japanese steering wheel market. Autoliv makes steering wheels in North America, Europe and South America.
Delphi earns Fiat supplier award
TURIN - Delphi Automotive Systems has been honored by Fiat Auto for its role in supplying heating, ventilation and air conditioning (HVAC) modules to Alfa Romeo.
Delphi's Harrison Thermal division has been awarded the Fiat Qualitas Award, recognizing the thermal management specialist's support of the Alfa Romeo 156. The Fiat Qualitas Award is given annually to the automaker's best suppliers for a given product line. Criteria include supplier quality, service, engineering support and value.
Visteon wins VW transmission deal
KASSEL, Germany - Visteon Automotive Systems has received a contract from Volkswagen AG to manufacture and ship more than 1.1 million components to VW's transmission plant here.
Visteon will make up to 4,800 drive shaft bevel gears and differential pinions a day at its plant in Duren, Germany, for VW.
GKN to take over Opel CVJ facility
LONDON - UK industrial group GKN plc is to acquire the production assets of Adam Opel AG's automotive driveline facility in Kaiserslautern, Germany. The facility produces about 1 million sets of constant velocity joint driveshafts a year. GKN's Automotive Driveline Division will run the operations at Kaiserslautern and retain existing employees. The value of the assets to be acquired by GKN is DM50 million (euro 25.3 million). Annual sales are DM180 million.
Iveco lines up Australian deal
TOLEDO, USA - Dana Corp. plans to sell its Australian Truckline Parts Centers business to International Trucks Australia Pty. Ltd., a subsidiary of Italian truck manufacturer Iveco SpA. Terms were not disclosed.
Truckline Parts, with 1998 sales of $36 million, is Australia's largest independent specialist distributor of heavy-duty parts. That business consists of 24 retail outlets and 13 repair and remanufacturing plants.