Auto Parts Makers Announce Merger

Sat., June 1, 1996

From Staff And Wire Reports

Auto parts makers Lucas Industries PLC and Varity Corp. on Friday agreed to combine into a company that will be able to sell assembled brake and fuel injection systems rather than mere components.

The companies said automakers are increasingly seeking out entire component packages rather than smaller parts that must be assembled.

Based on Friday’s closing stock prices, the deal is worth nearly $2 billion to Varity investors. Shares in both companies rose about 6 percent after the announcement, pushing their combined value to $5 billion.

The new group will be dominated by the larger Lucas, which will hold six of the 11 board seats. It will be called LucasVarity PLC and be based in England.

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Auto Parts Makers Announce Merger

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