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.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
AUSTRIA: AGREEMENT ON MAGNA PROJECT
Article Abstract:
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
User Contributions:
Comment about this article or add new information about this topic:
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.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
User Contributions:
Comment about this article or add new information about this topic: