Hella and Stanley Purchase Shares in Korean Auto Supplier
Automotive lighting suppliers Hella KG Hueck & Co. and Stanley Electric Co. Ltd. have purchased a five percent share in Korean auto supplier Samlip Industrial Company Ltd., based in Daegu, Korea. According to Joe Borruso, president and CEO of Hella North America, the investment represents a further expansion of the company’s 15- year-old relationship with the Korean supplier.
DENSO Becomes Toyota’s Corporate Sponsor for F1
Toyota Motor Corporation and Toyota Motorsport GmbH have announced today that DENSO Corp. has become a corporate sponsor for the Panasonic Toyota Racing F1 team from the 2004 season. DENSO has supported the Toyota F1 team as a technical partner since 2002, providing products such as tailor-made spark plugs for the team’s V10 engine.
Automotive Products is Sold
German brake and clutch manufacturer FTE Automotive GmbH said Monday it bought Auburn Hills, Mich., auto clutch systems maker Automotive Products Inc. for an undisclosed price. The deal makes Ebern, Germany-based FTE a major player in clutch products with worldwide sales of $462 million.