Automotive parts maker Magna International said on Monday that it is in talks with DaimlerChrysler regarding the possible sale to Magna of a controlling stake in DaimlerChrysler’s New Venture Gear, Dow Jones Newswires reported.
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New Venture – with operations in Syracuse, New York, and Roitzsch, Germany – makes drivetrain systems and posted sales of about $US1.4 billion in 2002, the report said.
According to Dow Jones, Magna said in a press release that the companies are discussing the formation of a joint venture to operate the business.
