Peregrine to shed three parts plants in bid to survive
Article Abstract:
Peregrine Inc. plans to sell its plant in Windsor, Ontario, and close two plants in Michigan in an effort by the auto parts maker to cope with a financial crisis. The company's failure to secure new automotive contracts and an exodus of key executives have led to insolvency, with the company owing about $85 million to trade creditors, said Jay Alix, whose New York investment firm bought the plants from General Motors Corp. in April 1998 for an undisclosed sum. The company retains its plant in Oshawa, Ontarion, which manufactures metal stampings and bumper parts. The Windsor plant manufactures seats and interior trim.
Comment:
Plans to sell its plant in Windsor, Ontario, and close two plants in Michigan
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
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Kingsway acquires U.S. holding firm
Article Abstract:
Kingsway Financial Services Inc. of Mississauga, Ontario, has decided to purchase Miami, FL-based private holding firm Hamilton Investments Inc. for an unknown amount. Kingsway Financial Services is known for its high-risk auto insurance services. This is the eighth takeover in the last year by Kingsway Financial Services and its second purchase in the US within three weeks. In addition, Kingsway Financial Services is attempting to buy financially-ailing trucking insurance company Walshire Assurance Co. of York, PA, for $42.3 million in cash.
Comment:
Has decided to purchase Miami, FL-based private holding firm Hamilton Investments Inc. for an unknown amount
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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