GERMANY: ZF 'welcomes' acquisition of GM Strasbourg plant by Punch Metals
"We see industrial logics in the acquisition of the GM plant by Punch," said ZF's Chief Executive Officer, Dr. Stefan Sommer.
"The free production capacities will help us to meet the high demand for our fuel-saving automatic transmissions."
GM and Punch Metals International, a company of the industrial investor Guido Dumarey, reached an agreement at the end of December that secures the long-term future of the GM Powertrain operations in Strasbourg, France.
Punch Metals will acquire the entire Strasbourg operations from GM, including the production plant, the engineering centre and the die casting operation. All current employees of the operations will be maintained by the new owner.
In addition, the transaction includes a long-term supply agreement with ZF - ZF will purchase transmissions (8-speed automatic transmissions) from the Strasbourg facility.
GM said that it will continue to be a customer of the Strasbourg operations during the 2013/2014 period in order to enable the facility to maintain a robust level of activities and to provide for a smooth transition to the new ZF-based product line without impact on employment.
Punch Metals says it plans to make substantial investments into the facility in order to further upgrade its capabilities with the objective to attract additional profitable business from other customers.
The sale is expected to be completed in early 2013.
Management reshuffle-the-deck at General Motors this week....
LMC Automotive's service provides customers with the very latest monthly estimates of passenger car production across all of Europe. Updated monthly and provided model-by-model, and available only via...
This QUBE report from just-auto provides a comprehensive overview of the global transmissions sector, major suppliers, top markets, technology trends and market size forecasts. Use this report to gain...
General Motors South Africa (GMSA), with local component manufacturer Tenneco South Africa, has been awarded a ZAR6bn (US$598m) contract to export catalytic converters to North America....
General Motors has announced that it will invest USD691m for its manufacturing operations in Mexico - at Silao, San Luis Potosi and Toluca - to build higher performing, more fuel-efficient powertrain...
A Reuters report says that the Peugeot family may be prepared to cede control of PSA in return for a capital injection from GM....
- What now for docked Hoegh Osaka cargo?
- RESEARCH ANALYSIS: Review of instrumentation
- THE WEEK THAT WAS: New Hondas and the ship's up
- VEHICLE ANALYSIS: Porsche Cayenne S E-Hybrid
- ASEAN vehicle market down almost 10% in 2014
- JLR recreates 1948 line for Defender plant tour
- Most cars unscathed by Osaka drama: ship owner
- Ford 2014 operating profit plunges $2.3bn
- "Bumps and dents" for some driveable Hoegh cars
- GENEVA DEBUTS: Opel Corsa OPC & VW Golf GTD estate