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Nippondenso buys IMI Radiators
Page 117
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• IMI has sold its wholly owned subsidiary, IMI Radiators, to Nippondenso of Japan for approximately £25 million in cash (including repayment of inter-company loans).
IMI Radiators, with factories in Shipley and Leeds, manufactures radiators and intercoolers for trucks and cars. Its sales for the year ended December 1988 were 229.4 million.
Nippondenso is the largest manufacturer of automotive components in Japan with total sales of £5,2 billion in 1988.
IMI Radiators and Nippondenso over many years have concluded a number of technical assistance agreements.
Nick Paul, the IMI plc director responsible for IMI Radiators, says: "IMI has sought over the last year to secure the best possible future for its automotive heat exchange business against an industrial background in which amalgamations and joint ventures make the operations of medium-sized independent manufacturers increasingly difficult."
• KENNING Tyre Services is introducing a "Lifetime Guarantee" on exhausts,