Arvin increases presence in European ride control market.COLUMBUS, Ind.--(BUSINESS WIRE)--July 1, 1996--Arvin Industries Inc. (NYSE NYSE See: New York Stock Exchange :ARV ARV abbr. Bible American Revised Version ARV n abbr (= American Revised Version) → traducción americana de la Biblia ARV n abbr (= ), today reported that it has purchased additional shares of the European ride control manufacturer, Way Assauto SrL. The agreement brings Arvin's ownership of Way Assauto, jointly owned by Arvin and IAO IAO Fraunhofer-Institut für Arbeitswirtschaft und Organisation IAO Information Awareness Office (US DARPA) IAO In And Out IAO International Astronomy Olympiad IAO Incorporated Association of Organists (UK) Industrie Riunite S.p.A., to 54.9 percent. Located in Italy, Way Assauto manufactures shock absorbers and MacPherson struts for the European OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and and replacement market. Way Assauto is headquartered in Asti, which is the location of its principle manufacturing facility. Way Assauto recently opened a new factory in southern Italy where it is co-located with Fiat, their primary customer. Byron Pond, Arvin chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are pleased to increase our commitment to the ride control market in Europe. We already have a major presence through AP Amortiguadores SA, our 75 percent owned joint venture with Kayaba in Spain and Amortex, our wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in France. The ability to service the Italian market with similar quality and technology will enable us to continue to expand market share. We are now one of the largest independent ride control manufacturers in the European market," Pond added. Arvin had acquired an initial 49.9 percent share of Way Assauto from IAO in 1993. Arvin Industries Inc. is a global manufacturer of automotive components with 50 manufacturing facilities and eight technical centers located in 16 countries. CONTACT: Arvin Industries Inc., Columbus John Brown, 812/379-3389 |
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