Austria: VA Tech to sell subsidiary

Article Abstract:

Austrian metallurgy firm, VA Tech, is to sell its subsidiary Transport und Montage Systeme (TMS). The subsidiary, which employs 600 people, builds assembly systems for the automotive industry. VA Tech's director, Erich Becker, confirmed on 17 October 2001 that the firm is in exclusive talks with French construction giant Vinci. VA Tech's plant construction subsidiary MCE will be sold in to the Andlinger Group by the end of 2001. Thanks to the sales, Becker claims that the company will be able to improve its results. It will cost VA Tech EUR 70mn to make 700 employees at subsidiary VA Industrieanlagenbau (VAI) redundant, but although VAI will continue to make losses at least until the end of 2002, VA Tech does not intend to sell the company, partly because Becker does not think a sale would be possible in the current climate.

Asset sales & divestitures, Manufacturing and Industrial Building Construction, Industrial Buildings, Industrial buildings and warehouses, Industrial construction

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AUSTRIA: AGREEMENT ON MAGNA PROJECT

Article Abstract:

Magna has reached an agreement with the local authorities of St. Valentin on the construction of an engineering centre. Until then the municipality had been against the project, fearing adverse effects for the environment and the population. The planned engineering centre with test track involves an investment of up to Sch 300mn and creates hundreds of jobs.

Research & development outlays, Magnal Inc.

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UK: NEW JOB FOR NIKI LAUDA AT JAGUAR

Article Abstract:

Jaguar has appointed former Formula 1 champion Niki Lauda as head of motor racing sports. The contract that runs until 2003 covers Formula 1 and US races (Cart, Nascar etc.) for Jaguar, Cosworth and PI. Mr Lauda has been ousted from Lauda Air, the airline he founded and that is being taken over by Austrian Airlines.

United Kingdom, Motor vehicles and car bodies, Automobiles, Automobile Manufacturing, Marketing, Executive changes & profiles, Motor Vehicles & Parts, Transportation Equipment Manufacturing, Motor Vehicles and Equipment, Jaguar Cars Ltd., Cosworth

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