From
DaimlerChrysler:
Auburn Hills / Detroit, Jan 10, 2002
- DaimlerChrysler Corporation and General Motors Corporation have
announced a planned ownership restructuring of New Venture Gear
(NVG), the powertrain joint venture formed by the two companies
in 1990.
Under the
plan, DaimlerChrysler (DCC), which currently holds a 64% interest
of the joint venture, would assume complete ownership of NVG.
NVG would remain a separate company and continue to independently
manage its business with GM and other customers. As part of the
plan, GM will no longer be part of NVG, but will manage NVG's
current facility in Muncie, Ind., which produces transmissions,
differentials, gears and other automotive components, as an independent
business.
Following
the restructuring, NVG's principal operations will include its
current Syracuse (N.Y.) facility, which produces transfer cases,
transaxles and other automotive components for DCC, GM and other
customers. NVG will also continue to operate its Roitzsch facility
in Germany, which is beginning production of transfer cases for
various automotive customers.
Management,
engineering and development functions at the Troy, Mich.-based
headquarters will be restructured, as future plans are finalized.
From
General Motors:
Auburn
Hills / Detroit - DaimlerChrysler
Corporation and General Motors Corporation have announced a planned
ownership restructuring of New Venture Gear (NVG), the powertrain
joint venture formed by the two companies in 1990.
Under the
plan, DaimlerChrysler (DCC), which currently holds a 64% interest
of the joint venture, would assume complete ownership of NVG.
NVG would remain a separate company and continue to independently
manage its business with GM and other customers. As part of the
plan, GM will no longer be part of NVG, but will manage NVG's
current facility in Muncie (Ind.), which produces transmissions,
differentials, gears and other automotive components, as an independent
business.
Following
the restructuring, NVG's principal operations will include its
current Syracuse (N.Y.) facility, which produces transfer cases,
transaxles and other automotive components for DCC, GM and other
customers. NVG will also continue to operate its Roitzsch facility
in Germany, which is beginning production of transfer cases for
various automotive customers.
Management,
engineering and development functions at the Troy, Mich.-based
headquarters will be restructured, as future plans are finalized.