Arvin to purchase remaining 50 percent of one of Europe's largest independent replacement exhaust and emission control companies.COLUMBUS, Ind.--(BUSINESS WIRE)--Jan. 15, 1997--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 (= ), announced today the intent to purchase the remaining 50 percent of a 50/50 joint venture involving their European replacement exhaust Exhaust may refer to: In mathematics:
The joint venture company, TESH, based in the Netherlands, was established in 1993 between Arvin's Timax Exhaust System Noun 1. exhaust system - system consisting of the parts of an engine through which burned gases or steam are discharged exhaust automobile engine - the engine that propels an automobile Division, the UK's market leader, and Sogefi's operations, Rosi S.A. based in France and Ansa Marmitte S.p.A. based in Italy. On an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis, those TESH operations which were not previously consolidated should add approximately $100 million to Arvin's sales. Byron O. Pond, Arvin's 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. expressed enthusiasm over the purchase of the remaining 50 percent of the joint venture company. "This transaction is expected to make Arvin one of the leading suppliers to the European independent replacement market. This move is consistent with Arvin's strategy for growth in Europe and the replacement market. Consolidation of this joint venture company should allow us to realize a positive impact on earnings per share beginning with the first quarter following the close of the transaction. There should also be a positive impact on Arvin's replacement market margins." Pond said. Arvin Industries, Inc., is a global manufacturer of automotive components with 50 manufacturing facilities and eight technical centers located in 16 countries. -0- For more information on Arvin Industries via the Internet, visit our Corporate Home Page at http://www.arvin.com or our Corporate News on the Net site at http://www.businesswire.com/cnn/arv.htm. For information via fax, please call our News On Demand service at 888-622-1161. CONTACT: Arvin Industries John W. Brown, 812/379-3389 |
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