Secured lenderMotor Co. of Australia Ltd. moves to put struggling bearings and gaskets maker Automotive Components Ltd. under receivership control to ensure the continuation of engine production in Australia. ACL’s receivers intend to continue to trade the business to ensure continuity of supply to the domestic auto industry while all available options are considered for the future of the Tasmania-based company. Receivers moved in less than two months after the Australian government announced a A$21.7 million ($17.9 million) bailout plan for ACL. Ford, Motor Corp. of Australia Ltd., the Australian Mfg. Workers Union and the Federation of Automotive Product Manufacturers also were involved in the restructuring plan.
Inc. will supply friction materials and plates for the new Friedrichshafen AG 8-speed automatic transmission debuting on the ’10 760i sedan. BorgWarner says the technology helps reduce drag losses, allowing the transmission to achieve improved fuel economy and outstanding performance.
FormTech Industries LLC reaches a deal to sell its assets to a newly formed subsidiary of private-equity firm HHI Holdings LLC through a prearranged Chapter 11 bankruptcy filing. A proposed going-concern sale transaction, which is expected to be completed within 45 days, is subject to court approval.
Mascoma Corp. says Bruce A. Jamerson will transition from his role as CEO to the position of chairman of Mascoma and Frontier Renewable Resources LLC, Mascoma’s Michigan-based operating subsidiary. Frontier is developing and financing a commercial-scale cellulosic-ethanol production facility in Kinross, MI. Mascoma’s board of directors has appointed Jim Flatt, executive vice president-research and development and operations, to serve as acting president until a new CEO is hired.
Automotive Holdings Corp. says it has combined a camera, rain sensor and processor in a package about the size of a deck of playing cards that can be positioned within a vehicle’s rearview-mirror mount looking outward through the windshield. The supplier says the unit offers automatic on-off headlamp control, in addition to an optical-sensor system that measures moisture on the windshield and can engage the windshield wipers accordingly.
TheGroup completes the relocation of its Chassis Systems Control North American Div. to its technical center in Plymouth Township, MI. The move unites 650 Bosch employees under one roof, and allows Bosch to increase utilization of the technical center and subsequently decrease leased space in Farmington Hills, MI, by nearly 10,000 sq.-ft. (930 sq.-m).
iBiquity Digital Corp.’s next-generation of HD Radio receivers will use Toshiba Corp.’s new radio chipsets, which the companies say provide a front-end solution that supports communication with HD Radio decoders.
– compiled by Laurel Wright Lindh