Pilkington wins £500m GM deal

Pilkington's operation in America has won a £500m six-year contract to supply glass for a new generation of cars being built by General Motors, which yesterday reported record profits for the first quarter.

The news came as France's leading car maker, PSA Peugeot Citroen, rebounded into profit after the success of a government scheme to encourage consumers to sell old vehicles for new models.

The US glass contract for Libbey-Owens-Ford, a supplier to the world's largest car maker for 60 years, will run from about 1998, when production of the new GM cars and light trucks begins. LOF, a $1bn-turnover firm employing 6,000, supplies advanced glass and glazing products to most US-based automotive makers.

A spokesman for Pilkington, which provides glass for one in four vehicles built around the world, said it was an important order. "It's all revenue that feeds into Pilkington UK."

Profits at GM improved sharply on higher US sales and improvements in its foreign operations. GM, whose UK division, Vauxhall, reports profits next week, earned $2.2bn, the best quarter in its history. The increase was up from $1.3bn in earnings at the same time last year, when GM took an after-tax accounting charge of $758m.

GM's revenues jumped to $43.3bn, from $37.5bn. John Smith, chief executive, said: "Our performance reflects positive contributions from all of GM's business sectors with particularly strong results from our automotive sectors." Net profit margin, the amount GM makes on each dollar of sales, rose to 5.5 per cent, the best level since the second quarter of 1984. Mr Smith said: "We have not achieved the necessary competitive levels in our cost position, but we are making progress."

In France, PSA Peugeot Citroen surprised analysts with a 1994 profit of Fr3.1bn (£416m), against a loss of Fr1.4bn, due to the success of its Xantia and 306 models. Overall, it produced 1.99 million cars last year.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Sales Assistant / Buyer

£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

Day In a Page

Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'
10 best statement lightbulbs

10 best statement lightbulbs

Dare to bare with some out-of-the-ordinary illumination
Wimbledon 2015: Heather Watson - 'I had Serena's poster on my wall – now I'm playing her'

Heather Watson: 'I had Serena's poster on my wall – now I'm playing her'

Briton pumped up for dream meeting with world No 1
Wimbledon 2015: Nick Bollettieri - It's time for big John Isner to produce the goods to go with his thumping serve

Nick Bollettieri's Wimbledon Files

It's time for big John Isner to produce the goods to go with his thumping serve
Dustin Brown: Who is the tennis player who knocked Rafael Nadal out of Wimbeldon 2015?

Dustin Brown

Who is the German player that knocked Nadal out of Wimbeldon 2015?
Ashes 2015: Damien Martyn - 'England are fired up again, just like in 2005...'

Damien Martyn: 'England are fired up again, just like in 2005...'

Australian veteran of that Ashes series, believes the hosts' may become unstoppable if they win the first Test
Tour de France 2015: Twins Simon and Adam Yates have a mountain to climb during Tour of duty

Twins have a mountain to climb during Tour of duty

Yates brothers will target the steepest sections in bid to win a stage in France
John Palmer: 'Goldfinger' of British crime was murdered, say police

Murder of the Brink’s-MAT mastermind

'Goldfinger' of British crime's life ended in a blaze of bullets, say police
Forget little green men - aliens will look like humans, says Cambridge University evolution expert

Forget little green men

Leading evolutionary biologist says aliens will look like humans
The Real Stories of Migrant Britain: An Algerian scientist adjusts to life working in a kebab shop

The Real Stories of Migrant Britain

An Algerian scientist struggles to adjust to her new life working in a Scottish kebab shop
Bodyworlds museum: Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy

Dying dream of Doctor Death

Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy