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Tower Invests in South Korean Auto Supplier

Friday, March 12, 2004
Tower Automotive, Inc., Novi, MI, has acquired the remaining shares of Seojin Industrial Co. Ltd. of South Korea. Tower now owns 100 percent of the company, a supplier of frames, modules and structural components to the Korean automotive industry, including Hyundai and Kia. Seojin, based in Kunpo City, operates eight manufacturing facilities and employs 1300.

3M Ups its Ante Into the Welding Industry

Friday, March 12, 2004
3M, St. Paul, MN, has acquired Hornell Intl., a Sweden-based supplier or personal-protective equipment for welding. Hornell’s product line of eye, face and respiratory-protection devices includes Speedglas-brand auto-darkening welding helmets.

HR Hearing Tackles Steel-Price Surges

Thursday, March 11, 2004
Yesterday, March 10, the House Small Business Committee, and its Chairman Donald Manzullo (R-IL-16) held a hearing to probe the reasons behind the rapid raw-material price increases being experienced by U.S. manufacturers. Committee members also heard how the cost increases and supply disruptions are damaging manufacturers, threatening our economic recovery and working against job creation. Precision Metalforming Association (PMA) president William E. Gaskin praised the committee and Chairman Manzullo for addressing the serious situation, saying: “During February, more than 52 percent of PMA’s manufacturing member companies experienced broken contracts for delivery of flat-rolled metal.”


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