Alcoa Fujikura Ltd. to acquire Electro-Wire Products.BRENTWOOD Brentwood, city and district, England Brentwood, city (1991 pop. 51,212) and district, Essex, SE England. Brentwood is mainly residential but produces some agricultural equipment, film, and prefabricated concrete. , Tenn.--(BUSINESS WIRE)--June 14, 1995--Alcoa Fujikura Ltd. (AFL AFL: see American Federation of Labor and Congress of Industrial Organizations. ) has reached agreement to acquire the operations of Electro-Wire Products. The terms of the agreement, which are expected to be effective July July: see month. 1, 1995, were not disclosed. AFL and Electro-Wire Products manufacture electrical distribution systems (EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. ) for autos, trucks and farm equipment. Combining these two businesses will create a worldwide enterprise that will have annual revenues of about $1.35 billion, including equity companies, and will be the largest supplier of EDS to Ford Motor Company's worldwide operations. The combined enterprise will also be the largest supplier of electrical distribution systems to the heavy truck industry. AFL, based in Brentwood, TN, is a partnership of Alcoa, in Pittsburgh, and Fujikura Ltd., in Tokyo. Electro-Wire Products is a privately-held company based in Dearborn, MI. AFL operates 27 EDS and component plants in the U.S., Mexico, Germany, Ireland and Hungary with 13,500 employees. AFL also is in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. sector, manufacturing specialty fiber optic products at three plants in the U.S. Electro-Wire Products operates 19 plants in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. with nearly 9,000 employees. Announcing the agreement, Robert H. Barton BARTON, old English law. The demesne land of a manor; a farm distinct from the mansion. , president and chief executive officer of AFL, said: ``Combining AFL and Electro-Wire creates an extraordinarily strong business that will be a formidable competitor in the automotive supply industry. ``Electro-Wire's leadership is in product design and development and in supplying EDS to the heavy vehicle industry. Aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. their leadership with AFL's financial strength, established global presence and own record for engineering and manufacturing expertise and quality in passenger cars and light trucks, will allow us to compete at world-class levels across the whole transportation industry. This is essential for being a global supply partner to the industry as it expands into new high-growth markets, while reducing its vendor base.'' O.B. Marx III, president and chief executive officer of Electro-Wire, said: ``The joining of Electro-Wire Products with AFL is a positive response by both companies to the competitive requirement for a Full Service Supplier to achieve critical mass and global capability. Both are necessary to succeed in the increasingly global transportation industry. ``Electro-Wire and AFL share a common set of values for the development and safety of our employees, and for excellence in engineering, manufacturing and quality management. We expect these shared values to raise our new organization to competitive levels that neither company could have achieved alone. This combination creates an exciting opportunity for Electro-Wire and its employees.'' CONTACT: Alcoa, Pittsburgh Al Posti, 412/553-4465 |
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