Motor components supplier Adwest was snapped up this week by acquisitive US group Dura for £124.8m. Both companies specialise in driver control systems, including gear shifts and steering columns. Adwest employs 1,000 UK staff, and also has plants in mainland Europe and the US. Dura has no presence in the UK market and it is understood that UK jobs are unlikely to be at risk.
DML lands work
DML, owner of the Devonport dockyard, expects to land £60m of refit work on surface warships this year, £5m up on 1998 but still significantly less than it was expecting. This is because of the cancellation of the refit of the frigate HMS Brave in the light of last year’s Strategic Defence Review.
BP deal in pipeline
Japan’s Sumitomo will provide 90% of the pipeline steel for BP Amoco’s North Sea projects over the next five years.The agreement is part a worldwide pipeline supply contract expected to be worth more than £300m over the duration.
Steeled for action
UK steel producers are pressing the European Commission to speed up investigations into anti-dumping cases, as the current delays of nine months and more are leaving British firms exposed to under-priced imports. Steel producers point out that the US Commerce department can impose punitive measures within weeks, rather than months.
Jones & Shipman
In our 15 January story on Jones & Shipman, the number of staff employed by the company at the time of its takeover was mis-stated. The correct figure is 340.