Textron Automotive, Jackson Plastics Establish Synova Plastics Automotive Interiors Joint Venture
TROY, Mich.--Feb. 13, 2001--| -- | Venture reflects Textron Automotive's supplier diversity commitment and advances its virtual integration strategy to expand its capabilities through supplier partnerships |
| -- | Toyota Motor Manufacturing North America awards venture first contract |
Textron Automotive Company, a business segment of Textron Inc. , and Jackson Plastics, Inc., a minority-owned automotive supplier based in Nicholasville, Ky., today announced that they have formed Synova Plastics LLC, a joint venture company to supply automotive interior trim components.
In addition, Toyota Motor Manufacturing North America announced that it has awarded Synova Plastics a contract to supply interior trim for the 2002 model-year Toyota Camry produced at its Georgetown, Ky., plant. Synova will ramp up for full production on that program in July 2001.
"Synova Plastics exemplifies the kind of partnerships Toyota encourages our key suppliers to form," said Tsugio Kadowaki, Purchasing Vice President, Toyota Motor Manufacturing North America. "Synova Plastics will provide Toyota with another high quality supplier who will become a significant part of efforts to increase our minority purchases."
"We're committed to developing and expanding our relationships with diversity suppliers," said Bill Maclean, President, Textron Automotive Trim. "We're also very active in the supplier diversity programs supported by our customers, including Toyota. Jackson Plastics has been a certified minority supplier to Textron Automotive since 1995, meeting or exceeding all of our requirements for quality, cost and technology.
"Creating Synova Plastics with them is a natural progression and integral part of our company's diversity supplier development program. This joint venture is also another demonstration of our virtual integration strategy to supply vehicle interiors through relationships with such suppliers as Jackson Plastics."
"Textron Automotive's mentoring process has been instrumental in our company's growth and development," said Henry Jackson, founder and president of Jackson Plastics. "Textron's creativity and commitment are the keys to the growth of its diversity supplier program. Their commitment includes financing, product sourcing, employee training and mentoring, long-term strategic counsel and senior management involvement. I especially appreciate the personal dedication and involvement of Scott Warren, Textron Automotive Trim's Vice President of Global Purchasing.
"Synova Plastics wouldn't have been possible without the vision of Toyota Motor Manufacturing North America," Jackson continued. "Toyota is committed to achieving a diverse supply base and encouraged us to partner with Textron Automotive. I'm grateful for their support."
Jackson Plastics, an injection-molding company founded by Henry Jackson in 1994, had sales of about $12 million in 2000 and expects to nearly double that by the end of 2001. Henry Jackson will serve as president of Synova Plastics, which will be based in Morristown, Ind., and staffed by both partners.
Jackson Plastics has two manufacturing facilities: a 24,000-sq.-ft. facility in Nicholasville, Ky., which has 80 employees and also serves as the company's headquarters; as well as a new 52,000-sq.-ft. plant in Danville, Ill., which employs 120 people. Textron Financial Corp. participated in the funding of the Danville plant as part of Textron Automotive's diversity supplier development program.
With more than $2.9 billion in annual revenues, and engineering and manufacturing resources in 17 countries, Textron Automotive Company is a leading global supplier of interior systems, instrument panels, cockpit modules and exterior and interior trim, as well as plastic fuel tanks, fuel systems, under-hood systems and functional components. Globally recognized for its breakthrough proprietary technologies and quality performance, Textron Automotive has received more than 50 awards for excellence from its customers in North America, Europe and Asia.
Textron Inc. is a $13 billion global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial Products, Fastening Systems and Finance. Textron has a workforce of more than 70,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine's "Global Most Admired Companies" and Industry Week magazine's "Best Managed Companies." Additional information is available on www.textron.com.