ArvinMeritor launches takeover bid
ArvinMeritor offered an unsolicited $2.2 billion takeover bid for the shares of its rival vehicle parts manufacturer, Dana, on July 9. If accepted, Dana shareholders will receive $15 a share in cash. Dana said its board is evaluating the offer and will respond within 10 days. ArvinMeritor filed a lawsuit July 9 against Dana and its board, asserting the company’s board had breached its fiduciary duties when it rejected a previous merger proposal.
JLG to acquire OmniQuip unit
JLG announced July 8 plans to acquire the OmniQuip business unit of Textron. As part of the agreement, JLG will purchase the assets of Trak International, including all operations relating to the Sky Trak and Lull brand of telehandler products.
Detroit Diesel engines to become Freightliner exclusive
As part of the restructuring of DaimlerChrysler’s commercial vehicles division to take place Jan. 1, Detroit Diesel’s engines will eventually become a Freightliner exclusive. With few exceptions, Freightliner parts will no longer be provided to outside companies unless those companies are currently under contract to receive parts from Freightliner or Detroit Diesel, said Rainer Schmueckle, president and chief executive of Freightliner. Detroit Diesel had previously fallen under DaimlerChrysler’s Powersystems unit, but will now become part of its NAFTA truck business.
Atlas Copco to acquire compressor company
Compressor/generator manufacturer Atlas Copco announced July 11 plans to acquire the Spanish compressor company Puska Pneumatic. After the acquisition is complete, Puska will become part of Atlas Copco’s compressor technique division, Industrial Air. The sales price for the transaction was not disclosed.
PEOPLE ON THE MOVE
VOLVO appointed John Facchinei vice president, product planning North America, and named Lewis Long vice president and business line manager, compact equipment for Volvo Construction Equipment North America.