- Posted December 02, 2011
- Tweet This | Share on Facebook
BorgWarner agrees to sell tire pressure business
AUBURN HILLS (AP) -- Auto parts supplier BorgWarner Inc. said Wednesday that it has agreed to sell its tire pressure monitoring business to Huf Electronics GmbH. Financial terms were not disclosed.
The sale, which is subject to regulatory approvals, includes a manufacturing facility in Germany that employs about 230 people.
The Auburn Hills, Mich.-based company bought the tire pressure monitoring business as part of its 2005 purchase of its BERU diesel cold start and ignition systems business.
While the business' technology meets the upcoming strict European standards, BorgWarner said it's not in line with its focus on powertrain technologies. The sale is limited to the tire pressure monitoring business only.
As a result of the original 2005 BERU acquisition purchase price allocation, the company said it will incur a loss on the sale of about $10 million to $15 million.
In midday trading, BorgWarner shares rose $3.79, or 6.1 percent, to $65.98 per share as the overall market rallied.
Published: Fri, Dec 2, 2011
headlines Oakland County
- Associations gather for Spring Fling
- Law school’s team wins William and Mary Colonial Cup Competition
- Supreme Court makes it easier to sue for job discrimination over forced transfers
- Oakland County Physician bound over on insurance fraud charges
- Innocence Project leaders present at University of Pennsylvania Carey Law School Spring Symposium
headlines National
- Incarceration series includes female inmates but doesn’t tell full story
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Former DOJ official who alleged election fraud violated at least one ethics rule, ethics committee says
- Winston & Strawn will provide reduced-cost legal services for routine tasks under Winston Legal Solutions umbrella
- Should Justice Sotomayor retire? Chemerinsky, White House haven’t joined calls for her to step down
- Which BigLaw firms are increasing lateral associate hiring the most? One made legal headlines last year