Finance

Federal-Mogul completes purchase of Honeywell Friction Business

Federal-Mogul completes purchase of Honeywell Friction Business

Federal-Mogul Holdings Corporation today announced that its Motorparts Division has completed the previously announced acquisition of certain business assets of the Honeywell Friction Materials business. The Honeywell Friction Materials business is headquartered in Glinde, Germany, with significant operations in Romania and China.     “The acquisition of Honeywell’s friction business substantially strengthens the manufacturing and engineering capabilities of Federal-Mogul Motorparts’[Read More…]

Auto Industry welcomes Union Budget 2014-15

Auto Industry welcomes Union Budget 2014-15

The much awaited Union Budget of the newly-elected government was tabled in the Parliament this morning. Though there was big bang announcement the Budget has attempted to address several issues including some raised by the auto industry. The major announcement is the increasing the FDI limit in insurance and defence from 26% to 49%. As the government has already announced[Read More…]

Ashok Leyland raises Rs 667 crore via Qualified Institutions Placement

Ashok Leyland Ltd, flagship of the Hinduja Group, has raised Rs 667 crores via a Qualified Institutions Placement (QIP). The capital raising comes on the back of a strong operating margin performance in Q4 – reflecting cost reduction and margin improvement measures, as well as the expectation of a turnaround in the domestic CV market. The QIP, launched on 26th[Read More…]

by July 10, 2014 Finance, Newscast, OEM, Web Exclusive
Visteon Completes Acquisition of Electronics Business of Johnson Controls

Visteon Completes Acquisition of Electronics Business of Johnson Controls

Visteon Corporation today announced that it has completed the acquisition of the automotive electronics business of Johnson Controls, creating one of the world’s three largest suppliers of vehicle cockpit electronics. The two companies announced plans for the $265 million cash transaction on Jan. 13. The acquisition will enhance Visteon’s competitive position in the fast-growing vehicle cockpit electronics segment by strengthening[Read More…]

ACMA recommendations for the Union Budget 2014-15

ACMA recommendations for the Union Budget 2014-15

With the hope that the new government will adopt necessary measures to revive the automotive industry in the country, the Automotive Component Manufacturers Association (ACMA), the apex body for the Indian auto component industry, has identified and voiced its expectations to the Government from the upcoming Union Budget 2014. The auto industry has been facing one of the most challenging[Read More…]

by June 18, 2014 Finance, Newscast, Web Exclusive
Halla Visteon Climate Control signs agreement to acquire majority stake in China JV

Halla Visteon Climate Control signs agreement to acquire majority stake in China JV

Halla Visteon Climate Control (HVCC) has announced that the company has reached an agreement to acquire an ownership stake in Japan Climate Systems (JCS) Nanjing of 51 percent and become the majority shareholder. The cash transaction, valued at $6.4 million (6.5 billion Korean Won), is subject to adjustments and expected to be finished in the third quarter of 2014, after[Read More…]

Sona Koyo Steering Systems Q4 net down despite increase in sales

Steering Systems manufacturer Sona Koyo Steering Systems Limited has witnessed increase in net sales by 7.2% to Rs 281.9 crore for the quarter ended 31 March 2014 against Rs 262.9 crore reported during the preceding quarter ended December,2013. Profit after Tax for the quarter is Rs 10.6 crore against Rs 36.9 crore (including exceptional item on account of sale of[Read More…]

Top management change in Sundaram Brake Linings

Automotive friction material manufacturer Sundaram Brake Linings, part of the TVS group on Tuesday announced change at its top management. According to the company, K Mahesh has resigned as managing director for personal reasons. However, he will continue as the Chairman of the company. His son, Krishna Mahesh, who is currently the Joint Managing Director, has been appointed as the[Read More…]

Hero MotoCorp’s Q4 profit skids despite record sales

Hero MotoCorp’s Q4 profit skids despite record sales

Hero MotoCorp Limited (HMCL), the world’s largest two-wheeler manufacturer, has reported record sales for the fourth quarter (January-March 2014). Riding on its highest-ever quarterly sales of 15,89,462 units of two-wheeler for the period, the company’s total turnover (Net Sales & other Operating Income) in the quarter grew to Rs 6512.96 crore, a growth of 6% over Rs 6145.75 crore recorded[Read More…]

MSSL announces acquisition of Wiring Harness Business of Stoneridge Inc.

MSSL announces acquisition of Wiring Harness Business of Stoneridge Inc.

Motherson Sumi Systems Limited (MSSL) has signed an agreement to acquire the Wiring harness business of Stoneridge Inc. through asset purchase at transaction value of US $ 65.7 million. This acquisition is expected to close in the third quarter of 2014, subject to customary closing conditions. The acquired business has a turnover of approx. USD 300 Million. The transaction includes[Read More…]