Pilkington wins £500m GM deal
Friday 21 April 1995
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.
- 2 Porn block in India: hundreds of sexual websites banned, internet outraged
- 4 Dutch King Willem-Alexander declares the end of the welfare state
- 5 Gamers confess the worst things they've done in The Sims
Jackie Chan in second place in Forbes' Highest Paid Actors list after magazine includes actors working outside US movie industry
Malaysia issues arrest warrant for Gordon Brown’s sister-in-law after she publishes stories on leader Najib Razak's financial affairs
Natalia Molchanova: World's most successful free-driver is missing and feared dead after disappearing in Mediterranean
Giant Minion terrorises drivers in Ireland as 40ft inflatable blocks traffic on Dublin road
Dutch King Willem-Alexander declares the end of the welfare state
Is Britain really full up? Are migrants taking our jobs? Leading academic answers the most common anti-immigration claims
Calais Migrant Crisis: Deputy Mayor of Calais labels Cameron's use of 'swarm' as 'racist' and 'ignorant'
Chris Leslie: Jeremy Corbyn's anti-austerity agenda will harm the poor, says Labour shadow Chancellor
Landlords renting properties to illegal immigrants to face up to five years in prison
While we fixate on Calais, the Home Office is quietly deporting dozens of migrants on 'ghost flights'
Labour leadership race: Jeremy Corbyn could be the next Prime Minister, says Ken Clarke
iJobs Money & Business
£35 - £50k DOE: Guru Careers: A Tax Manager / Accountant (ACA / CA / CTA) is n...
£35000 - £37000 per annum + benefits: Ashdown Group: Contracts Executive - Cit...
£20000 - £25000 per annum + OTE £45K: SThree: SThree Group have been well esta...
£21000 per annum: Recruitment Genius: This is an exciting opportunity to join ...