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Hot Off the Press
Finn-Power Purchased by Private Equity Fund
Thursday, March 14, 2002
Lillbacka Corp. and the Finn-Power sheetmetal-working technology business, a supplier of flexible and automated sheetmetal-fabricating machines and manufacturing systems, has been acquired by EQT Northern Europe Ltd., a private equity fund manager. EQT intends to take Finn-Power public in four to five years. Finn-Power, owned previously by founder and CEO Mr. Jorma Lillbacka, operates manufacturing and R&D facilities in Finland, Belgium and Italy and in the United States (in Schaumburg, IL). Lillbacka remains a board member of Lillbacka Corp., and remains owner of his swaging technology and logistics businesses and companies. The acquisition is not expected to affect Finn-Power's service to customers in North and South America. Read more at www.eqt.fi/pressroom
AIDA Publishes Metalforming White Papers
Wednesday, March 13, 2002
Called AIDA Tech, a series of white papers is now available to metalformers through the firm's website, via first-class mail or e-mail. The latest installment is called Press Balancing Systems, discussing the types of systems that can be employed on mechanical presses and the benefits of each. To request AIDA Tech white papers, log on to www.aida-america.com
U.S. Light-Vehicle Sales
to Continue Strong Pace in March
Tuesday, March 12, 2002
U.S. light-vehicle sales are expected to continue their strong pace in March, according to a forecast by Ward’s Communications, a provider of auto-industry information. The forecast calls for March sales to reach a seasonally adjusted annual rate of 16.56 million units, about the same as the 16.63 million rate in February, and slightly below the March 2001 rate of 16.83 million units. Actual unit volume for March is forecast at 1.53 million units, according to Ward’s, one percent lower than the daily selling rate from a year ago. If the forecast holds, the first-quarter 2002 should end with a seasonally adjusted annual rate that provides the third best start for any year on record.
“The generally better economic news bodes well for auto sales, as do the pumped up North American vehicle-production schedules for April and May in the face of still-rising import penetrations,” said Haig Stoddard, Ward’s manager of industry analysis.