Printer Friendly

MORTON INTERNATIONAL TO MAKE INVESTMENT IN EUROPEAN AIRBAG MANUFACTURING FACILITY

 FRANKFURT, Germany, Sept. 7 /PRNewswire/ -- Morton International (NYSE: MII) announced at the Frankfurt Auto Show its plans to initially invest more than $30 million in a European manufacturing facility, allowing it to supply airbag inflators and modules from Europe. This decision, approved earlier by Morton's board of directors, expands for the first time the company's airbag manufacturing capability outside the United States. Morton Automotive Safety Products, which is the world's leading manufacturer of airbag inflators and modules, currently supplies its European customers from major manufacturing locations in the United States. Several potential locations in western Europe are under consideration, and the company expects to finalize the location before the end of the year.
 "Morton is committed to remaining the leading manufacturer of reliable airbag systems throughout the world," said Morton Chairman and Chief Executive Officer Charles S. Locke. "We have invested approximately half a billion dollars in the United States to ensure the capacity for supplying cars sold there. We now will begin to build facilities in Europe to design, test and supply airbags for this market."
 Morton has projected sales for its airbag business to increase from $524 million in its fiscal year just ended June 30, 1993, to around $1 billion in the current fiscal year as a result of accelerated demand for driver- and passenger-side airbags for U.S. passenger cars, vans and recreational vehicles. While some of its European and Japanese customers do offer airbag systems for cars sold in Europe and Japan, this represents only 5 percent of projected sales for the current fiscal year. The company's decision to establish a European facility is in response to the heightened interest in Europe for airbags.
 Morton International is a Chicago-based manufacturer and marketer of specialty chemicals, automotive inflatable restraint systems and salt.
 -0- 9/7/93
 /CONTACT: Nancy A. Hobor, 312-807-2424, or Janis K. Tratnik, 49-69-37010, both for Morton International/
 (MII)


CO: Morton International ST: Illinois IN: AUT SU:

SM -- NY028 -- 9250 09/07/93 10:20 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:Sep 7, 1993
Words:332
Previous Article:CROATIA SEEKS TOURISTS TO HELP REBUILD BATTERED ECONOMY, TRAVEL WEEKLY REPORTS
Next Article:SOUTHWEST AIRLINES REPORTS AUGUST TRAFFIC UP 20.6 PERCENT
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters