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MTI agrees to joint venture with Germany-based ZF Sachs.

Metal Technologies Inc. (MTI), Auburn, Ind., and industrial automotive supplier ZF Sachs A.G., Schweinfurt, Germany, formed a joint venture effective March 2 in an effort to serve customers globally. MTI also is interested in Sachs Giesserei GmbH (SGG), an iron and aluminum foundry in Kitzingen, Germany.

"This important step fits with our strategy to become a global supplier to our customers wherever they need metal castings," said Rick James, MTI's chairman and CEO. "It also adds the capability of aluminum castings to our product line, which is the fastest growing part of our industry."

In the venture, the two companies have collaborated on a long-term supply agreement with MTI eventually to acquire all of SGG. James predicted the deal will allow a sales growth for both MTI and SGG. The ZF Group is SGG's major direct customer and supplies European automotive companies DaimlerChrysler, Volkswagon and Audi.
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Title Annotation:Industry News
Publication:Modern Casting
Geographic Code:4EUGE
Date:Apr 1, 2004
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