Breed acquires European automotive interior supplier.LAKELAND, Fla.--(BUSINESS WIRE)--July 1, 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 the acquisition of Gallino Plasturgia, S.r.l. and affiliates from 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, SpA. The group, referred to as Gallino, produces steering wheels, instrument panels, bumpers and other plastic trim components used in automotive original equipment and aftermarket applications. Gallino has played a leading role in the technological and applicative ap·pli·ca·tive adj. 1. Characterized by actual application; applied. 2. Practical; applicatory. ap evolution of thermoplastic A polymer material that turns to liquid when heated and becomes solid when cooled. There are more than 40 types of thermoplastics, including acrylic, polypropylene, polycarbonate and polyethylene. , polyurethane and metal molding materials for interior and exterior automotive components in Europe. With 14 facilities and approximately $250 million in sales, the company impacts the European market as a supplier of automotive components to Fiat, BMW BMW in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. , Volkswagen and Opel. Currently, Gallino is the third largest European steering wheel supplier and maintains 90 percent of the Italian market. BREED's acquisition of Gallino will enable the Company to incorporate fit and finish instrument panels, bumpers and interior components into its complete line of occupant protection systems. This alliance is designed to further develop and complement BREED's position in the world marketplace as a low-cost supplier of fully integrated airbag systems and integrated steering wheels. "Our recent acquisitions throughout Europe have been strategically developed to solidify and enhance BREED's commitment to providing the worldwide market fully integrated occupant protection systems," 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. of BREED Technologies Inc. "BREED's progressive move into the interior of the automobile will enable us to provide customers with high volume manufacturing capabilities of steering wheels and instrument panels, integrated with technologically advanced safety systems." BREED has acquired six companies in the past two years, four in the area of electronic components and subassemblies and two in the area of steering wheels, interior components and automotive accessories. The Company produces a complete line of occupant safety systems including inflators, airbag modules, integrated steering wheels and sensing systems. With the acquisition of Gallino, BREED operates 27 manufacturing and 19 engineering and sales facilities worldwide. -0- NOTE: A conference call regarding the acquisition will be held Monday, July 8, 1996 at 10:00 a.m. Additional information to follow. CONTACT: BREED Technologies Inc., Lakeland Lisa Spinazzola, Media Relations, 941/668-6464 or Investor Relations Investor relations The process by which the corporation communicates with its investors. , 941/668-6049 |
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