Auto Industry

Magna, Daimler in talks over drive train unit

Tuesday, December 2, 2003 - Page B5

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Magna International Inc. said yesterday it is in discussions with DaimlerChrysler AG concerning the possible sale to Magna of a controlling interest in New Venture Gear, which has plants in Syracuse, N.Y., and Germany. The unit makes drive train systems and had sales of about $1.4-billion in 2002. The deal will involve Magna owning 68 per cent of a joint venture, while DaimlerChrysler will hold the rest, The Globe and Mail reported in September, quoting union and industry sources.








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