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  5. DURA Automotive Systems LLC. Business Report FY ended Dec. 2017

DURA Automotive Systems LLC. Business Report FY ended Dec. 2017

Recent Years

Financial Overview

-The Company had sales of USD 1,600 million in the fiscal year ended December 31, 2016.

Restructuring

-Minth Group Limited announced that it plans to turn Jiaxing Dura Minth Automotive Parts Co., Ltd., its joint venture with the Company, into a wholly owned subsidiary by acquiring the 51% share owned by the Company for CNY 56.42 million. The Company and Minth have reached an agreement and will complete the transaction in January 2016. (From an announcement by the company on December 31, 2015)

Emerging from Chapter 11 and Reorganization

-On June 27, 2008, the Company announced that it had successfully emerged from Chapter 11 bankruptcy protection. The Company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements of its Revised Joint Plan of Reorganization (the "Plan"), including successfully closing their exit financing facilities and filing associated documentation. In conjunction with its emergence, the Company also announced its new board of directors. (From a press release on June 27, 2008)

-In October 2008, the Company announced that it would be reorganized into four global product line divisions replacing the current seven regional business units. The reorganization would be effective starting January 1, 2009. The four product divisions are as follows:

  1. Cable Systems, headquartered in Michigan, U.S., is a producer of light and heavy-duty automotive control cables. This division has operations in Germany, Romania, the Czech Republic, Portugal, U.S., Mexico and China.
  2. Shifter Systems, headquartered in Dusseldorf, Germany, is a supplier of automatic, manual and shift-by-wire transmission shift systems. This division has operations in Germany, Romania, the Czech Republic, France, Portugal, Russia, U.S., India and China.
  3. Glass & Trim Systems, headquartered in Michigan, U.S., is a provider of automotive exterior trim and glass window systems. This division has operations in Germany, the Czech Republic, U.S., Mexico and China.
  4. Structural & Safety Systems, headquartered in Plettenberg, Germany, is a supplier of body-in-white and structural components, as well as mechanical safety assemblies. This division has operations in Germany, UK, the Czech Republic, Slovakia, Spain, Mexico, U.S. and China.


-In 2009, Patriarch Partners, LLC, a U.S.-based investment firm, announced that it is going to acquire a majority stake in the Company. Patriarch Partners plans to invest up to USD 125 million in the Company, thus taking a controlling stake in the independent company. Patriarch is planning to integrate the Company's capabilities and expertise with those of its affiliate, Global Automotive Systems (GAS). The combined companies will operate under the Dura brand name. (From an article in the Nikkan Jidosha Shimbun on December 16, 2009)

Awards

-In 2012, Global Automotive Systems (GAS) has announced that its Metal Systems of Canada operations, located in Dundalk, Ontario, has been awarded the Supplier Quality Excellence Award from GM. The Metal Systems of Canada site supplies original equipment products to GM, including rocker panels for crossover and sport utility vehicles. Global Automotive Systems and the Metal Systems of Canada facility operate as part of Company's Structural Systems Division. (From a press release on December 11, 2012)

-In 2012, the Company announced that its Lawrenceburg plant in Tennessee, U.S. has received the Silver World Excellence Award from Ford. The Lawrenceburg plant was awarded this honor for the second consecutive year. The Lawrenceburg facility supplies original equipment window systems for the Ford "Mustang Convertible", "Expedition", "Econoline" and "F-150", as well as the "Lincoln Navigator". (From a press release on July 17, 2012)

-In April 2010, the Company announced it won the Automotive News PACE Award in the Product Category for its Heated Power Rear Sliding Window. In addition, the Company also was a joint recipient of PACE Innovative OEM Collaborator Award along with Ford for the work done on this product. The technology is currently available on the Ford "F-150" pickup truck. (From a press release on April 13, 2010)