Elamex Announces Restructure of Its Joint Venture with General Electric.Business Editors EL PASO El Paso (ĕl pă`sō), city (1990 pop. 515,342), seat of El Paso co., extreme W Tex., on the Rio Grande opposite Juárez, Mex.; inc. 1873. , Texas--(BUSINESS WIRE)--April 27, 2001 Elamex, S. A. de C. V., (Nasdaq:ELAM) today announced that Elamex and General Electric International de Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. (GE) continue in discussions related to the restructure of their joint venture of plastics and stamping business in Mexico. This joint venture, owned 50.1% by Elamex and 49.9% by GE, which was formed in 1998, has plants in Juarez and Celaya Celaya (sālä`yä), city (1990 pop. 214,856), Guanajuato state, W central Mexico. In a region watered by the Lerma irrigation works, Celaya is the center of a prosperous corn, cereal, and bean growing area. and had sales of approximately $30 million in 2000. The plan restructure, agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations" stipulatory noncontroversial, uncontroversial - not likely to arouse controversy by the two principals during the first quarter, calls for the substantial reduction of ongoing operations and the closure or sale of the Juarez facility. In addition, discussions are ongoing regarding the sale or disposition of the Celaya plant. The preliminary financial impact of the joint venture restructure will be reflected in the results of operations of Elamex for the first quarter of 2001 which are expected to be released next week. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a P. Spencer, President of Elamex, stated that the reorganization or sale of the joint venture is consistent with Elamex's strategy to return Elamex to long term profitability. |
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