Corp. settles a dispute with Motor Co. over price cuts of $150 million in North America and $50 million in Europe. Visteon claimed the cuts were more than what had been agreed upon earlier. No terms were disclosed.
International Inc.'s Magna Steyr Group and Tesma International Inc. cease merger talks following Magna Steyr's move to acquire DaimlerChrysler AG's Eurostar assembly plant in Graz, Austria. That deal will be completed in July. Magna and Tesma still plan to cooperate through resource and expertise sharing.
Federal-Mogul Corp. completes the sale of its Signal-Stat Lighting Products division to Truck-Lite Co. Inc., a subsidiary ofCo. LLC, for $23 million. Signal-Stat produces exterior lighting and power distribution products mostly for the heavy duty and commercial vehicle markets, with $54 million in sales.
Corp. will provide Mercedes-Benz with engine superchargers, intake and exhaust valves, roller rocker arms and lash adjusters for the new Mercedes M-271 engine program. Eaton expects sales to exceed $375 million over the entire term of the multi-year contract. Production is scheduled to begin later this year.
The Motor & Equipment Manufacturers Assn. (MEMA) and the Original Equipment Suppliers Assn. (OESA) form the Human Resources Council for auto supplier executives. The forum will identify and address strategic industry issues, recommend solutions and promote improved human resources practices. The group will meet quarterly, with the first meeting to be held April 22 in Detroit.
Automotive wins a $75 million contract from Motor Corp. to supply the full foundation brake system for the new U.K.-built Toyota Corolla. It's TRW's first full foundation braking systems contract with Toyota.