USA: DC and GM announce ownership restructuring of New Venture Gear
DaimlerChrysler Corporation and General Motors Corporation have announced a planned ownership restructuring of New Venture Gear (NVG), the powertrain joint venture formed by the two companies in 1990. Under the plan, DaimlerChrysler (DCC), which currently holds a 64% interest of the joint venture, would assume complete ownership of NVG. NVG would remain a separate company and continue to independently manage its business with GM and other customers. As part of the plan, GM will no longer be part of NVG, but will manage NVG's current facility in Muncie, Ind., which produces transmissions, differentials, gears and other automotive components, as an independent business.
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