ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, January 29, 1997 TAG: 9701290096
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: MAG POFF
A.O. Smith Corp. said Tuesday it has sold its entire automotive products division, including a plant in Botetourt County.
The division will be acquired by Tower Automotive Inc. of Minneapolis for $625 million in cash. The sale is subject to regulatory approval.
A spokesman for Tower said that no changes and no layoffs are planned at the Botetourt County facility. He said only the name will change when the sale closes, which is expected early in this year's second quarter.
A.O. Smith's automotive products division is a key supplier of lower structural components, assemblies and systems with annual revenues of about $860 million and operating earnings of $110 million for 1996.
The company's operations are based in Milwaukee and consist of 11 manufacturing facilities in North America.
Customers include Ford, Chrysler, General Motors, Toyota, Nissan, Honda and Isuzu, as well as several heavy-truck manufacturers.
Tower is a designer and manufacturer of engineered structural and chassis and suspension components and assemblies for North American car, minivan and light truck manufacturers including most of the same customers.
LENGTH: Short : 30 linesby CNB