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Automotive News - Supplier News Feeds
UAW says 2,200 Axle workers took buyouts
About 2,200 union workers at American Axle and Manufacturing Holdings Inc. have accepted buyout and retirement offers, exceeding the company's target, a union official with knowledge of the matter told Reuters on Wednesday.
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Continental agreement with Schaeffler 'desirable'
German auto parts group Continental AG today rejected an unsolicited $18 billion takeover bid by Schaeffler but called an agreement with the rival "desirable" following a supervisory board meeting.
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Conti board set to consider Schaeffler bid
The supervisory board of Continental will discuss on Wednesday an unsolicited 11.3 billion-euro ($18.0 billion) bid from bearings maker Schaeffler, in a meeting that could decide the fate of CEO Manfred Wennemer.
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Faurecia sees promise in U.S. market
French supplier Faurecia sees major opportunities in North America as consumers shift from large trucks and SUVs to small and medium-sized cars.
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Conti CEO to present strategy against Schaeffler bid
Continental's CEO Manfred Wennemer will today present to the company's supervisory board strategies to fend off an impending takeover by family-owned Schaeffler Group, including searching for a white knight bidder.
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Metaldyne to sell or close 2 plants
Metaldyne Corp. plans to sell or close a machining plant in Middleville, Mich., and a die casting operation in Niles, Ill. The automotive supplier of metal components and systems said the divestitures are part of a company cost-cutting effort.
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Big Continental shareholders want premium bid
Two big institutional investors in Continental AG insisted to Reuters on Tuesday that the German automotive supplier hold out for a takeover offer that offers a premium to shareholders.
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Autoliv to cut 3,000 jobs, lowers forecast
Air bag and seat belt maker Autoliv cut its full-year outlook on Tuesday and said it would shed as many as 3,000 jobs in the face of weak auto markets and soaring raw material costs.
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Gentex quarterly profit down; shares fall
Automotive mirror producer Gentex Corp. posted a worse-than-expected 13 percent fall in quarterly profit on Tuesday due to production cuts by struggling U.S. automakers, sending its shares down more than 3 percent.
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