BREED becomes steering wheel market leader.LAKELAND, Fla.--(BUSINESS WIRE)--Oct. 29, 1996--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. ) announced Tuesday the acquisition of the steering wheel operations of United Technologies Automotive, making BREED one of the largest suppliers of steering wheels in the world. Financial terms were not disclosed. "This acquisition expands BREED's leadership role as a major supplier of integrated airbag steering wheel systems with multi-function controls," said Johnnie C. Breed, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "It also enhances BREED's already significant worldwide presence, provides us with additional patented technologies and expands our customer base." The new steering wheel company of BREED will be called United 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. , which supplies approximately 4 million steering wheels annually to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , European and Asian Original Equipment Manufacturers. The company's current customers include Ford, Chrysler, Rover, Toyota and Nissan. "Not only does the addition of United Steering Systems strengthen relations with our existing customer base, it also provides significant opportunity to obtain new electronic and airbag related business." said Breed. "This acquisition is designed to further develop and complement BREED's preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae position in the world marketplace as a high quality, low-cost supplier of integrated steering wheels and full occupant protection systems." "Combined, our three premier steering wheel companies make BREED the leader in the design, style and manufacture of a broad range of steering wheels, airbag covers and other related products," added Breed. "Together these companies supply steering wheels at an annual rate of about 7 million, approximately 3.5 million 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. and 3.5 million in Europe and Asia." "We will continue to seek other value-added acquisitions that are consistent with our strategic plan to provide customers total safety system capabilities with the latest technology at the lowest cost," concluded Breed. Headquartered in Lakeland, BREED is a full automotive occupant safety system supplier providing the global automotive market with research and development, engineering, testing and manufacturing capabilities in 47 global facilities. Information about BREED and its products is available on the Internet at http:\\www.breedtech.com. -0- NOTE TO EDITORS: In the World Wide Web address noted in this news release, there is a double slash between http: and www.breedtech.com. These symbols may not appear properly in some systems. CONTACT: BREED Technologies Inc., Lakeland Media Relations Investor Relations Investor relations The process by which the corporation communicates with its investors. Lisa Spinazzola Bob Fincher 941/668-6464 941/668-6049 |
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