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

Plant shutdown, Motor Vehicle Parts, Motor Vehicle Parts Manufacturing, Michigan, Automotive parts, Peregrine Inc.

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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

Acquisitions & mergers, Florida, Direct Property and Casualty Insurance Carriers, All Other Nondepository Credit Intermediation, Financial Institutions NEC, Auto Insurance, Financial institutions, Automobile insurance, Kingsway Financial Services Inc., Hamilton Investments Inc. (FL)

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