MTI agrees to joint venture with Germany-based ZF Sachs.
"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.
|Printer friendly Cite/link Email Feedback|
|Title Annotation:||Industry News|
|Date:||Apr 1, 2004|
|Previous Article:||AFS, ECS exhibit metalcasting at SAE, NMW shows.|
|Next Article:||Section 421 ductile iron waterworks fittings trade case a "defining decision".|