AUSTRIA: GERMAN ZF BUYS STEYR ANTRIEBSTECHNIK

Article Abstract:

Magna, the automotive parts group of the Canadian-Austrian industrialist Frank Stronach, has signed a letter of intent to sell Steyr Antriebstechnik GesmbH (SAT) to Zahnradfabrik Passau, a subsidiary of ZF Friedrichshafen AG. The Steyr-based company produces transmissions and axles for tractors and generates an annual turnover of about Sch 1bn with 720 staff. It is about one-tenth of the size of the ZF group, a producer of transmissions, steerings, axles and other automotive components. The final deal is to be signed by the end of August 1999. Siegfried Wolf, chief executive of Magna Europe, says that SAT did not reach the critical size to survive on its own. The new owner is to concentrate the production of transmissions for agricultural machines in Steyr and expand the operations.

Canada, Motor Vehicle Parts, Motor Vehicle Parts Manufacturing, Automotive parts, Magna International Inc., Steyr Antriebstechnik GesmbH, Zahnradfabrik Passau GmbH

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GERMANY: LIBRO TO BUY BOULEVARD

Article Abstract:

Subject to the approval of the supervisory board, Libro AG is to take over from the Bertelsmann group 11 Boulevard bookshops in Germany. Thus the Austrian book seller, which operates 5 bookshops in Bavaria with a turnover of about Sch 30mn, expands mainly in North Rhine-Westphalia. In 1998 the Boulevard shops with 50 staff generated a turnover of about Sch 100mn. Bertelsmann's book clubs will continue to be represented in Boulevard outlets on a shop-in-shop basis. Libro and Bertelsmann already have a similar cooperation in Amadeus bookshops in Austria.

Facilities & equipment, Book Stores, Bookstores, Bertelsmann AG, Libro AG

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