Printer Friendly

ALLIEDSIGNAL, KNORR-BREMSE COMPLETE AIR BRAKE JOINT VENTURES

 SOUTHFIELD, Mich., Oct. 20 /PRNewswire/ -- AlliedSignal Inc. (NYSE: ALD) of Morris Township, N.J., and Knorr-Bremse AG of Munich, Germany, have formed joint ventures -- one in North America and one in Europe -- to provide air brake controls and related products to the worldwide truck industry. Documents completing the agreement, which was announced in March, were signed simultaneously in Detroit, New York and Munich upon notice of approval from the European Community Merger Commission in Brussels.
 The new ventures become the market leaders in a number of truck air brake systems components in North America, France, Italy and the United Kingdom, and are strongly positioned in the rest of Europe. Financial terms were not disclosed.
 AlliedSignal owns 65 percent of and manages the North American operations, including those in Mexico. The North American operations are called AlliedSignal Truck Brake Systems Company, with headquarters in Elyria, Ohio. Knorr-Bremse owns 65 percent of and manages the European operations, called Knorr-Bremse Systeme fur Nutzfahrzeuge GmbH. European operations are headquartered in Munich. Discussions are under way to integrate both companies' operations in Brazil. Integration of activities in the Far East will be determined later.
 A management board in which Knorr-Bremse and AlliedSignal are equally represented will coordinate and give direction to the businesses, which have 10 manufacturing facilities and employ about 4,600 people.
 "The combination will strengthen both partners' commercial vehicle product lines, branded under the names Bendix and Knorr. It will also broaden technical capabilities, provide better support to vehicle manufacturers as they operate more globally, and enhance our ability to supply replacement air brake systems and components to customers around the world," said Don DeFosset, vice president and group executive for AlliedSignal Turbocharging & Truck Brake Systems.
 The transaction does not include AlliedSignal's worldwide turbocharger or passenger car/light truck hydraulic brake systems businesses or its other businesses; nor does it affect Knorr-Bremse's worldwide rail brake business or its other businesses.
 AlliedSignal Automotive, based in Southfield, Mich., is a $4.5 billion unit of AlliedSignal Inc., an advanced manufacturing company with 88,000 employees serving customers worldwide with aerospace and automotive products, chemicals, fibers, plastics and advanced materials. Sales of AlliedSignal Inc. in 1992 were $12 billion.
 Knorr-Bremse is an independent industrial group with $750 million turnover in 1992 and approximately 6,800 employees worldwide, with a focus on brake systems for rail vehicles and heavy trucks.
 -0- 10/20/93
 /CONTACT: Jim Fisher of AlliedSignal Automotive, 313-827-5454/
 (ALD)


CO: AlliedSignal Inc.; Knorr-Bremse AG ST: Michigan IN: AUT SU: JVN

SM-CJ -- DE003 -- 4431 10/20/93 09:28 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 20, 1993
Words:426
Previous Article:ETHYL REPORTS THIRD-QUARTER EARNINGS
Next Article:1ST SOURCE REPORTS INCREASED EARNINGS FOR THE THIRD QUARTER OF 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters