USA: Dura Automotive exits window regulator business
Dura Automotive Systems said on Thursday it would look to sell its European mechanical assemblies business, and close manufacturing plants in Livonia, Michigan, and Cauvigny, France, as the company gets out of making conventional window regulators, the trade newspaper Automotive News reported on its website.
Automotive News said the European business unit, which has annual sales of about $US90 million, includes plants in Grenoble and Boyne, France; and Woodley, Nottingham and Stourport, United Kingdom. Dura said it was now out of the majority of its conventional window regulator business, which had annual sales of about $US95 million, according to the report.
Automotive News said Dura, of Rochester Hills, Michigan, said it would record a loss of $107.4 million from the European business unit for the fourth quarter of 2002.
According to the newspaper, the company said it would take a one-time charge of $12.9 million against fourth-quarter earnings for closing the two plants. The Livonia plant employs 150 people and produces tilt levers and shifters for North America. The Cauvigny plant employs 200 people and produces control, brake and light duty cables for Europe.
According to Automotive News, Dura said it would transfer production of those parts to other plants.
Overall, the company said it divested about $225 million worth of business in 2002, including its steering gear business, Automotive News said.