BERU to Sell Cable Production in Mexico and Establish a New Subsidiary For NAFTA Sales.LUDWIGSBURG, Germany -- BERU Aktiengesellschaft (FWB (Fixed Wireless Broadband) See fixed wireless. : BZL), Ludwigsburg, has sold its Mexican BERU subsidiary BERU S.A. de C.V. to the Mexican corporations General Cable Holdings Mexico, S.A. de C.V., Mexico and General Cable de Latinoamerica, S.A. de C.V., both having their principal place of business in Tetla, Tlaxcala, Mexico. The transfer of ownership will take place at the end of the year. At the same time, BERU has announced that it will establish a new subsidiary to operate under the name of BERU Mexico S.A. de C.V. This new company will take over the separated production of spark plugs as well as 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 , OES and aftermarket sales of BERU and OMZ OMZ Obedinennye Mashinostroitelnye Zavody (Russian Engineering Company, formerly United Heavy Machinery) products in the NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's region. "We are focusing on our core competencies in the field of ignition technology. At the same time, we are securing the sales of our products in the important NAFTA region by cooperating with cable specialist General Cable," commented Marco von Maltzan, Chairman of the Executive Board of BERU AG. General Cable Holdings Mexico, S.A. de C.V is a subsidiary of US company General Cable Corporation, which is headquartered in Highland Heights, Kentucky Highland Heights is a city in Campbell County, Kentucky in the United States. The population was 6,554 at the 2000 census. Highland Heights is home to Northern Kentucky University. and has its core competence Core competence Primary area of expertise. Narrowly defined fields or tasks at which a company or business excels. Primary areas of specialty. in the efficient production of cable sets. General Cable specializes in the development, design, production and distribution of copper, aluminum and glass-fiber cable products for the energy sector, industry, special applications and communication as well as for the automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. . The subsidiary to be sold, BERU S.A. de C.V., Civac-Jiutepec, Morelos, was founded in 1987 and has been 100% owned by BERU since May 1999. It specializes in ignition technology for the NAFTA region and mainly produces ignition cables for gasoline engines. In its latest financial year (April 1, 2004 - March 31, 2005), it generated sales revenues of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 6.2 million with 150 employees, with most of its revenues resulting from product distribution. The two parties to the transaction have agreed not to reveal the purchase price. Approximately 25% of the company's workforce will be transferred to the new BERU subsidiary, BERU Mexico S.A. de C.V., which will primarily focus on the OEM, OES and aftermarket sales of BERU and OMZ branded products in the NAFTA region. BERU's main customers in the NAFTA region include General Motors and the Volkswagen Group. WKN: 507210; ISIN: DE0005072102; Index: Listed: Amtlicher Markt in Frankfurt (Prime Standard) und Stuttgart; Freiverkehr in Berlin-Bremen, Dusseldorf, Hamburg und Munchen |
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