DURA Automotive Completes Divestiture of European Mechanical Assemblies Business.Business Editors & Automotive Writers ROCHESTER HILLS, Mich.--(BUSINESS WIRE)--March 10, 2003 DURA Automotive Systems Dura Automotive Systems (Pink Sheets: DRRAQ), headquartered in Rochester Hills, Michigan, USA was ranked in the 2006 Fortune 1000. It is engaged in the business of manufacturing and distribution of automotive components. , Inc. (Nasdaq:DRRA DRRA Dynamic Radio Resource Allocation ), announced today that it has completed the divestiture of its European Mechanical Assemblies business to Magal Engineering Limited and members of the local management group, located in Woodley, England. The divestiture was part of DURA's strategic repositioning to focus the company on businesses that meet its future growth and profitability targets. The details of the divestiture are consistent with the January 22 announcement. The European Mechanical Assemblies business employs approximately 990 people at facilities located in Grenoble and Boynes, France; and Woodley, Nottingham and Stourport, UK. The European Mechanical Assemblies business generated 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. revenues of approximately $95.0 million. DURA Automotive Systems, Inc., is the world's largest independent designer and manufacturer of driver control systems and a leading global supplier of seating control systems, engineered assemblies, structural door modules and integrated glass systems for the global 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 company is also a leading supplier of similar products to the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. recreation vehicle and mass transit market. DURA sells its automotive products to every North American, Japanese and European original equipment manufacturer (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 ) and many leading Tier 1 automotive suppliers. DURA is headquartered in Rochester Hills, Mich. Information about DURA and its products is available on the Internet at www.duraauto.com. |
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