BREED Announces Joint Venture With Textron Automotive Company and Magneti Marelli.LAKELAND, Fla.--(BUSINESS WIRE)--May 6, 1999-- BREED Technologies, Inc. (NYSE NYSE See: New York Stock Exchange :BDT BDT In currencies, this is the abbreviation for the Bangladesh Taka. 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. ), a world leading manufacturer of automotive occupant occupant n. 1) someone living in a residence or using premises, as a tenant or owner. 2) a person who takes possession of real property or a thing which has no known owner, intending to gain ownership. (See: occupancy) safety systems, announced today that the company has formed a joint venture with Textron Automotive Company Inc. (a subsidiary of Textron Inc.), and Magneti Marelli Magneti Marelli Holding S.p.A. is a subsidiary of Fiat Group and leader in developing and manufacturing systems, modules and high-technology components for the automotive industry with 25,000 employees and a turnover of 4 billion euro in 2005. S.p.A., Italy's leading supplier of automotive systems See ITS, embedded system, drive-by-wire, adaptive cruise control, collision avoidance system, autonomous vehicle, heads-up display, DSRC, lane departure system, CAN bus, FlexRay and SYNC. and components to Fiat. The new joint venture company, named Textron BREED Automotive S.r.l., has been established to design and manufacture world-class instrument panels, bumpers and exterior and interior trim, initially in Italy. "This partnership with Textron Automotive and Magneti Marelli will significantly enhance our existing plastics and interiors business in Italy, while providing added flexibility and growth opportunities to BREED," stated Chairman & Chief Executive Officer of BREED Technologies, Johnnie Cordell Breed. "We believe strength in interiors and cockpit modules is key to advancing our position in the automotive occupant protection market. The formation of this joint venture company is a strategic move designed to meet immediate and future needs." BREED has contributed certain assets of its wholly owned Italian subsidiary, Gallino Plasturgia, to a new subsidiary, BREED Italian Interiors, S.r.l. Textron and Magneti Marelli have acquired 60 percent and 10 percent interests, respectively, in BREED Italian Interiors to form the resulting joint venture company, Textron BREED Automotive, S.r.l. BREED will continue to supply steering wheels produced by the former Gallino Plasturgia outside of the joint venture, under the name BREED Steering Systems steering system, in automobiles, steering wheel, gears, linkages, and other components used to control the direction of a vehicle's motion. Because of friction between the front tires and the road, especially in parking, effort is required to turn the steering wheel. . Textron BREED Automotive will hold a 20 percent interest in a second joint venture to be established with Magneti Marelli Integra, S.p.A. This joint venture company, in which Magneti Marelli will hold a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail of 80 percent, will supply full cockpits to Fiat, utilizing Textron BREED Automotive instrument panels. With over $2 billion in annual revenues and manufacturing locations in fourteen countries, Textron Automotive Company is a leading global supplier of instrument panels, cockpit modules, exterior and interior trim, plastic fuel tanks, and automotive systems and components. Globally recognized for its breakthrough proprietary technologies and quality, Textron Automotive Company has received more than fifty awards for excellence from OEMs 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. , Europe and Asia. With turnover of 7,400 billion lire, 50 plants worldwide and a workforce of 29,500, Magneti Marelli ranks among the world's major companies in the design and production of high-tech components, systems and modules 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. . BREED is one of the world's largest manufacturers of complete automotive occupant restraint systems and components. With approximately $1.4 billion in annual revenues, the company designs, develops and produces advanced airbag, seat belt, steering wheel and sensing technologies for leading automobile manufacturers around the globe. |
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