Magna Pays $37 Million, Issues 2.85 Million Shares in Absorbing Decoma International
Magna International Inc. says it will pay about $37 million (Cdn) and issue 2.85 million shares to stockholders of former spinoff Decoma International after they approved a takeover by the giant auto parts company last week. The cash-shares offer, approved by shareholders on Feb. 28, won court approval last Wednesday.
Venture’s Bankruptcy Plan Out; Auction Likely
The murky future of troubled auto supplier Venture Industries got murkier as a bankruptcy judge denied the company’s plan to exit bankruptcy after nearly two years. Most likely the Fraser, Mich.-based company — which makes plastic parts such as bumpers and instrument panels for the auto industry — is headed for the auction block with it being sold off all at once, or piece by piece. Venture is one of the world’s largest auto-plastics suppliers and at its peak employed about 13,000 worldwide, including about 2,000 in metro Detroit.
Magna Subsidiary Decoma to Close Toronto-Area Plant, Post $36 Million in Charges
Decoma International, a subsidiary of auto parts giant Magna International, is shutting down its anodizing plant just north of Toronto and posting $36 million in special charges for that move and restructuring in Europe. Decoma did not immediately disclose job cut numbers in a release Monday. Separately, Magna International said it expects the charges to reduce its own diluted earnings per share by about 22 cents in the fourth quarter.
Keystone Automotive Acquires Chambers Parts Distributors
Keystone Automotive Industries has acquired Chambers Parts Distributors, headquartered in Manchester, Me. In addition to Manchester, Chambers operates out of facilities in Bangor and Portland, Me. The company recorded sales of approximately $5 million in 2003. Terms of the transaction were not disclosed.
Core Molding Technologies Acquires Assets of Keystone Restyling Products
Core Molding Technologies has acquired substantially all the operating assets of Toledo, Ohio-based Keystone Restyling Products, a privately held manufacturer and distributor of fiberglass reinforced products for the automotive aftermarket. Keystone designs, manufactures and markets a variety of custom light truck aftermarket accessories, including: hoods, spoilers, air dams, bumper covers and roll pans.
Venture Survival More at Risk
The protracted bankruptcy of auto supplier Venture Corp. continues, and the longer it drags on the less likely the plastics firm will survive, say automaker officials, supplier consultants and lawyers handling the case. Based in Fraser, Mich., Venture is one of the world’s largest auto-plastics suppliers and at its peak employed about 13,000 worldwide, including thousands in Michigan.
Auto Customizers Spend Billions, Boost Aftermarket Parts Suppliers
Some adults decorate their houses to suit their personalities. Others “pimp out” their cars. Customizing cars is a hobby that’s been around for years, but these days — with television shows such as “Pimp My Ride” and “Monster Garage,” and movies like “The Fast and The Furious,” the trend is just starting to get noticed.
Report Shows 80 Percent of Scrap Tires Put to Good Use
Expanding markets now consume four out of five scrap tires, according to a report by the Rubber Manufacturers Association (RMA). In addition, stockpiled scrap tires have been reduced by nearly 75 percent since 1990.
Lord Corp. Takes Automotive Body Repair Product Line to Latin America
Lord Corp., maker of Fusor Automotive Repair Adhesives metal and composite bonding solution for automotive body repair, is launching its training curriculum and product line in Latin America through its Latin American counterpart, Lord de Mexico.
Lund International Acquires California Aftermarket Accessories Business
Lund International has completed the purchase of certain assets of Trenz, a wholly owned subsidiary of PAC Holding Co., located in Bakersfield, Calif. On May 20, Lund International entered into an Asset Purchase Agreement offering to purchase substantially all of Trenz’s assets out of the PAC Holding Co. Chapter 11 Bankruptcy case filed in the U.S. Bankruptcy Court for the District of Delaware. On June 22, the Bankruptcy Court authorized the sale of Trenz’s assets to the company.