Hot Off the Press
MW Industries Partners with Connor Mfg. in China
Friday, March 17, 2006
MW Industries (MWI), Inc., Logansport, IN, a manufacturer of springs, fasteners and stampings, has signed an agreement with Connor Manufacturing Services, Redwood City, CA, to source precision stampings and tooling from Connor’s facility in Suzhou, China, to service MWI’s customers in the Asian market. In turn, MWI will supply springs and other components to Connor, to serve its Asian customers. Learn more at www.mw-ind.com
MWI also has opened a sales office in Shanghai, China, to service its U.S.-based customers sourcing components and locating production and assembly operations in China, as well as sell to China-based manufacturing companies.
China Won't Change Auto-Parts Tariffs Any Time Soon
Friday, March 17, 2006
China has no immediate plans to remove or change the high tariffs it places on auto-parts imports, despite U.S. claims they represent unfair competition, according to an official at China's top economic planning agency. China began levying higher tariffs on some imported automotive parts imports on April 1. China classifies some imported parts as complete vehicles and charges a tariff of up to 30 percent on them. That compares with a much lower tariff—13 to 17 percent--for other imported auto parts. Beginning July 1, 2006, the higher tariff will extend to any imported automotive parts valued at 60 percent or more of the total price of the complete vehicle.
Supply-Chain Consolidation in Europe--Oxford + Wagon
Thursday, March 16, 2006
Oxford Automotive ApS, Paris, France, has signed a definitive agreement to combine with Wagon plc, Birmingham, England. Oxford supplies modular automotive body structures and mechanisms, including large stampings, fineblanked components and weldments, to the European automotive industry. Wagon manufactures car windows, doors and impact-protection systems. The combination will be accomplished by the exchange of the outstanding Oxford shares for a total of up to 62.15 million Wagon common shares, representing 53.1percent of the combined company's fully diluted common. Herve Guillaume, CEO of Oxford, said, "The combined company will be one of the largest European manufacturers of engineered structures and will have a broad base of technical skills, equipment and manufacturing locations.” Wilbur Ross, the leading shareholder and a director of Oxford, added, "We expect the enlarged group to be among the five largest in the European industry. This transaction is therefore another important step toward the consolidation of the auto supply industry."