USA/CANADA: Magna and DaimlerChrysler agree deal on New Venture Gear
Magna and DaimlerChrysler have announced today that they have signed an agreement by which Magna would acquire the worldwide operations of DaimlerChrysler Corporation's wholly- owned subsidiary, New Venture Gear, Inc (NVG). The U.S. operations will be acquired by a new joint venture, named New Process Gear, Inc., which will initially be owned 80% by Magna and 20% by DaimlerChrysler Corporation and will have facilities in Syracuse, New York and Troy, Michigan.
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