• About Us
  • Contact Us
Today Headline
No Result
View All Result
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
  • breaking news today
    • Politics news
    • Sports
    • Science News & Society
  • Entertainment News
    • Movie
    • Gaming
  • Technology News
    • Automotive
    • Software & IT
  • Health News
    • Lifestyle
    • Insurance
  • Finance News
    • Money
  • Enterprise
  • Contact Us
No Result
View All Result
TodayHeadline
No Result
View All Result

GF to divest its stake in US automotive joint venture

1 year ago
in Parenting
Reading Time: 2 mins read



GF Casting Solutions, a division of GF, and Linamar have agreed that GF will sell its 50 percent stake in the joint venture to its Canadian partner.

The joint venture GF Linamar LLC commenced operations with a high-pressure die-casting facility located in Mills River, NC (US) in 2017. The company successfully acquired several large orders from European and US customers for the production of lightweight components.

In 2021, the site generated sales of approximately USD 120 million and employed 450 people.

However, the performance of the plant was impacted by ramp-up challenges also stemming from pandemic-related labour shortages. Since 2021, disruptions in call-off patterns due to supply chain issues at customers did not help to improve the situation, GF said.

With the acquisition of GF’s 50 percent stake, Linamar becomes the sole owner of the Mills River facility. GF will continue to provide technical support during the transition period until the end of 2022. Both parties have agreed not to disclose financial details of the transaction. Closing of this transaction is expected in the first week of April 2022.

The divestment does not constitute a change in GF Casting Solutions’ long-term strategy to serve the North American market, and the division will continue to pursue its Strategy 2025 objectives.

The effect from the divestment of the joint venture on GF’s consolidated EBIT is estimated to be neutral, GF said.

Related Posts

Parenting

The Scandinavian Sleep Method Might “Save Your Marriage” According To TikTok

Experts swear that one of...

Read more

‘Fright Krewe’ Is Here! Watch An Exclusive Clip From The Horror Series For Kids

The 50 Most Genius Things Under $35 With Near-Perfect Amazon Reviews

50 Cool Things That Are Selling Out On Amazon Because They’re So Freaking Clever

60 Genius Things That Are So Weird & Wildly Popular On Amazon Now

Load More
  • Trending
  • Comments
  • Latest

Jennifer Lopez, 54, flashes cleavage in a plunging Bach Mai floral frock at the Daytime Beauty Awards in Hollywood to honor Tracy Anderson

Pet monkey fed cocaine before getting flushed down toilet

Why BBA LIBOR Was Replaced by ICE LIBOR

Newsom to Appoint Laphonza Butler to Fill Feinstein's Senate Seat - She Lives In Maryland and Registered to Vote There Last Year | The Gateway Pundit

Newsom to Appoint Laphonza Butler to Fill Feinstein’s Senate Seat – She Lives In Maryland and Registered to Vote There Last Year | The Gateway Pundit

Sandy Hook Promise’s “Just Joking” PSA Is a Must-See

Mass Market EV Ownership Costs 18 Percent More Than Gas Cars: Report

Class-action suit filed against Binance for alleged harm to FTX before its collapse

Star Wars: Ahsoka Episode 8 Release Time and Season Recap

Water makes all the difference

Trivalent vaccine candidate fights measles, mumps, SARS-CoV-2

About Us

Todayheadline the independent news and topics discovery
A home-grown and independent news and topic aggregation . displays breaking news linking to news websites all around the world.

Follow Us

Latest News

Mass Market EV Ownership Costs 18 Percent More Than Gas Cars: Report

Class-action suit filed against Binance for alleged harm to FTX before its collapse

Star Wars: Ahsoka Episode 8 Release Time and Season Recap

Mass Market EV Ownership Costs 18 Percent More Than Gas Cars: Report

Class-action suit filed against Binance for alleged harm to FTX before its collapse

Star Wars: Ahsoka Episode 8 Release Time and Season Recap

  • Real Estate
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2023 All rights are reserved Today headline

No Result
View All Result
  • Real Estate
  • Parenting
  • Cooking
  • NFL Games On TV Today
  • Travel and Tourism
  • Home & Garden
  • Pets
  • Privacy & Policy
  • Contact
  • About

© 2023 All rights are reserved Today headline