Briefs	E-mail PagePrint Version

SACRAMENTO COMPANY LANDS GERMAN CONTRACT

RANCHO CORDOVA - GenCorp Inc. has landed a $73 million contract with German car maker BMW to provide door-sealing systems for the auto maker's  3-Series coupe and Cabrio automobiles, according to the Sacramento Bee.

The work will be done by GenCorp's GDX Automotive segment in Germany, said A spokesman foe the company.

LA-BASED UNIFI IN NEW CHINA JOINT VENTURE

LOS ANGELES - Yarn manufacturer Unifi Inc. recently signed a letter of intent to form a joint venture with a Chinese company expected to generate revenues of about $300 million.

The venture with Kaiping Polyester Enterprises Group Co. of China will manufacture and sell certain polyester and nylon products.

Unifi said it expects to own 75% of the joint venture company.

Kaiping, owned and operated by the Kaiping City Government, is one of the largest polyester textile filament producers in China. Kaiping owns about 56% of publicly traded Guangdong Kaiping Chunhui Co. Ltd.

The letter of intent forecasts the proposed transaction will close by the end of calendar year 2003.

HOME FURNISHINGS MAKER FILES FOR BANKRUPTCY

LOS ANGELES - Home furnishings manufacturer Pillowtex Corp. has filed for relief under Chapter 11 of the US Bankruptcy Code.

The company, based in Kannapolis, North Carolina, said it filed the voluntary petition in the US Bankruptcy Court in Delaware.

Pillowtex also said it has signed an agreement with GGST LLC to sell substantially all of its plants, equipment and brands, subject to bankruptcy court approval and the expiration of a 45-day bidding period for other offers.

As detailed in the bankruptcy filing, Pillowtex said it will continue to own its assets as a "debtor in possession."

During the bidding process, the company said it will not operate its manufacturing facilities and will utilize available inventory to service its existing customer business.

MEXICO MAQUILADORA EMPLOYMENT GREW IN MAY
 
MEXICO CITY - Employment in Mexico's maquiladoras, plants that import materials and parts and turn them into finished goods for export, rose 0.5% in May from the same month in 2002, according to the government's statistics agency INEGI.

It was the sixth straight monthly rise in job numbers for the sector that last year and for much of 2001 saw steady employment losses resulting from lower demand for Mexican products by the US, reports Reuters.

Around 90% of Mexican exports go to the US, which has been struggling to recover from an economic downturn. The sector has also lost jobs under strong competition from China, where labor is cheaper.

Hours worked in maquiladoras fell 2.1% in May, INEGI said. Average real - or inflation-adjusted - wages fell 2.0% in May  compared to the same month last year.

In 2002, employment in the industry contracted 10% percent from the same period of 2001. Over the year, hours worked in the maquiladoras tumbled 9.5%, while average real wages rose 4.2%.

Go back, or read the latest briefs:

TRADE

empty