Word: volvo
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...order book. Although European and American auto production inched up only slightly during fiscal 1998, the company's sales topped $6 billion--a 19% jump over 1997. "Systems suppliers are getting a bigger piece of the pie," says Anders Franzen, vice president for strategic sourcing at Sweden's Volvo, which is now in the process of being purchased by Ford...
...jungle out there in the global car business. The economies of scale increasingly favor the multinational giants. And more of the smaller firms are deciding they'll fare best by joining with a strong partner. That's why safe, sensible Volvo of Sweden last week agreed to allow its car division to be bought by Ford, the No. 2 U.S. automaker, for $6.5 billion. The deal takes Ford closer to its goal of becoming a "world car" company. "The beauty of this deal is that Volvo is a premium brand with premium profit margins," says Scott Merlis, who follows autos...
...Total number of anticipated layoffs announced last week at Boeing, Exxon-Mobil, ITT, Kellogg, Johnson & Johnson, Smurfit-Stone, Courtaulds, United Dominion, Volvo, Deutsche Bank and Amway...
Griffith makes the sealant rubber that Daimler-Benz, Volvo, Mack Trucks and other truckmakers use around windshields and under hoods. Laney sees a domino effect: if U.S. companies can't ship their products to Asia, Brazil, Russia or other places in economic turmoil, they won't need trucks to get their products to port. That's why Laney is scaling back, even though orders for new trucks increased in 1998. "We're not spending money on new equipment," he says. And after two years in which Griffith built two new plants and invested some $3.5 million in new manufacturing capacity...
...necessarily. Other communities have showered tax breaks on GM and its partners, assuming they would create or at least retain jobs. They were wrong. Volvo-GM closed a jointly owned plant (GM was the minority partner) in Orrville, Ohio, in 1996--just seven years after the county cut property and inventory taxes in half. Some 400 jobs were lost. The two automakers moved operations to Pulaski County, Va., where millions of dollars more in economic incentives awaited...