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KELSEY-HAYES AND CZECH FIRM FORM VENTURE TO MANUFACTURE AND MARKET WHEEL SYSTEMS

 KELSEY-HAYES AND CZECH FIRM FORM VENTURE
 TO MANUFACTURE AND MARKET WHEEL SYSTEMS
 ROMULUS, Mich./PRAGUE, Czechoslovakia, June 8 /PRNewswire/ -- Kelsey-Hayes Group has signed a letter of intent with Czechoslovakia- based Nova Hut a.s. Ostrava to form a joint venture company to manufacture and market automotive wheel systems in Europe. The announcement was made today by John Devaney, Kelsey-Hayes president, and Ing. Svatopluk Velkoborsky, Nova Hut Ostrava general director.
 The Kelsey-Hayes/Nova Hut a.s. Ostrava joint venture company will manufacture fabricated steel wheel systems in the Czech and Slovak Federal Republic for sale in that republic and throughout Europe. The joint venture company is expected to be operating by September 1992, at which time manufacturing will begin.
 Kelsey-Hayes is the world's leading independent wheel manufacturer. The company is also a major supplier of conventional brakes, anti-lock brake systems and electrical control devices for the automotive industry worldwide. Kelsey-Hayes is a business of Varity Corporation (NYSE: VAT).
 Nova Hut Ostrava is a member of a group of three big steel and rolled product manufacturers and leading producer of steel wheels for passenger cars, trucks, lorries, buses, and commercial vehicles manufactured in the Czech and Slovak Federal Republic.
 -0- 6/8/92
 /CONTACT: Jill Lucius, 313-567-5022, or Gordon Cole, 313-567-5012, both of Anthony M. Franco, Inc., for Kelsey-Hayes Group/
 (VAT) CO: Kelsey-Hayes Group; Varity Corporation; Nova Hut a.s. Ostrava ST: Michigan IN: AUT SU: JVN


DH -- DE027 -- 8082 06/08/92 16:37 EDT
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Publication:PR Newswire
Date:Jun 8, 1992
Words:244
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