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....
This Case Study examines the factors that led to US auto giant GM's bankruptcy in 2009, describes its rescue plan, and assesses its effectiveness....
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....
Business Monitor International's Egypt Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with independen...
Business Monitor International's Australia Autos Report provides industry professionals and strategists, corporate analysts, auto associations, government departments and regulatory bodies with indepe...
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...
- Jaguar Land Rover's lightweight future
- INTERVIEW: Ford of Europe's chief, Stephen Odell
- GENEVA WRAP: Europe still struggles, future bright
- THE WEEK THAT WAS: iOS (and Android) in the car
- INTERVIEW: Ford UK fleet director, Phil Hollins
- 'One Ford' has kept us alive in Europe
- GENEVA: Jaguar names 'small' saloon XE
- GENEVA: Apple launches car iOS
- EXCLUSIVE: Renault axes another EV
- GENEVA SHOW: World premieres [final list]
- Tesla: The Californian start-up that made head way on the automotive giants
- Dacia: The no frills automotive brand, that is becoming a serious world contender
- PLDB - vehicle cycle plan database (annual subscription)
- China’s One-Child Policy is Shaping a New Automotive Landscape
- Global light vehicle HVAC market 2008 to 2028