“At present, we are witnessing how the markets are collapsing overnight,” said ZF CEO Wolf-Henning Scheider on Thursday in Friedrichshafen. “At ZF, we have reacted quickly and decisively to the spread of the coronavirus and have prioritized the health and interests of our employees in line with those of the company in the best way… Continue reading Press: ZF 2019 financial results: New orders and high investments ready ZF to face a difficult market environment
Tag: Tier 1 Suppliers
BorgWarner Inc. — Moody’s places BorgWarner’s Baa1 senior unsecured rating under review for downgrade, commercial paper rating unaffected
Moody’s Investors Service, (“Moody’s”) placed the Baa1 senior unsecured ratings of BorgWarner, Inc. (“BorgWarner”) under review for downgrade. BorgWarner’s P-2 commercial paper rating is unaffected at P-2. Go to Source
Auto suppliers fear financial ruin as GM, Ford and FCA grind to a halt
CLOSE Following Michigan Governor Gretchen Whitmer’s “stay home” order to try and slow the spread of the coronavirus, Detroit streets were eerily empty. Detroit Free Press About 4:30 p.m. last Wednesday the employees at auto supplier Dana Inc. in Warren received an unsettling text message from management. The text, obtained by the Free Press read, “We are well… Continue reading Auto suppliers fear financial ruin as GM, Ford and FCA grind to a halt
Automobili Pininfarina CEO Michael Perschke calls it a day
Michael Perschke, CEO of Automobili Pininfarina, which is owned by India’s Mahindra Group, has called it a day at the pure electric luxury car brand. Earlier today, Automobili Pininfarina Chairman and Mahindra & Mahindra Managing Director, Dr. Pawan Goenka, confirmed Perschke’s departure. With immediate effect, Per Svantesson has been appointed to the role of Managing Director and… Continue reading Automobili Pininfarina CEO Michael Perschke calls it a day
@Groupe PSA: Donation of 100,00 masks to local hospitals
Texte While ensuring the safety and the security of its employees which remains its top priority, the Faurecia Group today announces the donation of 100,000 surgical masks to the Civil Hospitals of Colmar. The Group has decided to focus its support on Eastern France, one of the most affected regions to date where Faurecia operates… Continue reading @Groupe PSA: Donation of 100,00 masks to local hospitals
Valeo strengthens its round in Covid-19 storm
Valeo’s capital begins to consolidate. After bpifrance about a year ago , it is now the turn of the Strategic Equity Fund (FSP) to go up to the round of the tricolor equipment supplier. Created in 2013, bringing together several French insurers whose aim is to support French companies via long-term investments, this investment fund… Continue reading Valeo strengthens its round in Covid-19 storm
Schaeffler Suspends Guidance for 2020
2020-03-24 | Herzogenaurach Guidance for the year 2020 has been suspended A package of measures is being implemented to manage the crisis New guidance will be issued at a later date Due to the worldwide spread of the corona crisis and the resulting measures and restrictions, the Management Board of Schaeffler AG today suspended the… Continue reading Schaeffler Suspends Guidance for 2020
WABCO and ZF Announce Expected Closing of the Merger in the Second Quarter of 2020
BERN, Switzerland and FRIEDRICHSHAFEN, Germany, March 24, 2020 (GLOBE NEWSWIRE) — WABCO Holdings Inc. (“WABCO”) (NYSE: WBC) (www.wabco-auto.com) and ZF Friedrichshafen AG (“ZF”) today announced that they have received all approvals from regulatory authorities required to close their previously announced merger, with the exception of the Chinese State Administration for Market Regulation (“SAMR”). WABCO and… Continue reading WABCO and ZF Announce Expected Closing of the Merger in the Second Quarter of 2020
BorgWarner to suspend manufacturing operations, can’t estimate COVID-19-related impact
BorgWarner Inc. said Tuesday it plans to temporarily suspend manufacturing operations, particularly in North American and Europe, citing market conditions as a result of the COVID-19 pandemic. The company said it was not able to estimate the COVID-19-related impact on 2020 results given uncertainties, but said significant reductions in automotive or truck production, which made… Continue reading BorgWarner to suspend manufacturing operations, can’t estimate COVID-19-related impact
BorgWarner Provides Business Update Related to COVID-19
AUBURN HILLS, Mich., March 24, 2020 /PRNewswire/ — BorgWarner Inc. (NYSE: BWA) (the “Company”) acknowledged that many original equipment manufacturer (“OEM”) customers have announced that they have suspended or will suspend manufacturing operations, particularly in North America and Europe, on a temporary basis due to market conditions and matters associated with COVID-19/coronavirus. Significant reductions in automotive or truck production… Continue reading BorgWarner Provides Business Update Related to COVID-19