WASHINGTON-The National Highway Traffic Safety Administration has set a corporate average fuel economy (CAFE) standard of 20.7 miles per gallon for light trucks in the 1996 and 1997 model years. This standard sets ``the maximum feasible level'' for those model years based on economic practicability, technological feasibility and energy conservation needs, according to NHTSA.
The agency is also soliciting comments on appropriate light truck CAFE standards for model years 1998 through 2006.Prestone antifreeze division
First Brands Corp. selling Prestone antifreeze division
DANBURY, Conn.-First Brands Corp. is paring its automotive product retail business with the impending sale of its Prestone antifreeze division and the rights to other car-related products to newly formed Prestone Products Corp.
That firm will be owned mostly by Denver-based Vestar Capital Partners, and
will be headed by Dave Lundstedt, current vice president of sales for First Brands' automotive division.
Included in the transaction is the Prestone brand name and antifreeze manufacturing plants in Illinois, California and New Jersey. But STP and Simoniz, two car-care products, will not be included in the sale, said Alfred E. Dudley, First Brands chairman and CEO.
First Brands said it will use proceeds from the sale for future acquisitions, debt reduction and other corporate purposes.
First Brands develops, manufactures and markets such consumer products as Glad plastic bags and wrap and several kitty litter products. Despite the sale of its automotive line, Mr. Dudley said the remaining First Brands products will generate $1 billion in total sales annually.
U.S. to overtake Japan as top automaker in 1994
TOKYO-The United States will overtake Japan as the world's No. 1 auto producer this year for the first time since 1980, according to a major financial newspaper.
The forecast by the Nihon Keizai Shimbun, Japan's main financial daily, concurs with those by industry analysts based on production schedules for manufacturers in both nations.
The newspaper estimated Japan's total vehicle production this year would be 10.28 million to 10.36 million, while U.S. vehicle production would top 11 million.
Analysts have cited recovering auto sales in the U.S. market and a three-year slump in Japanese auto production as factors behind the turnaround.
But another major reason is the continuing trend of Japanese automakers shifting production to the U.S. to evade the effects of the high yen, which makes exports from Japan less economical.
Japan has been the top automobile producer since 1980, when it took over the position from the U.S.