To: Jafco who wrote (12827 ) 2/5/2000 3:41:00 PM From: Jafco Respond to of 14226
SW asked me to post this for him; Toronto Star by: Tony Van Alphen TORONTO, Feb 04, 2000 (The Canadian Press via COMTEX) -- A Canadian developer of catalytic converter technology is close to reaching a deal with WescastIndustries Inc. to manufacture its latest pollution-fighting product, according to an industry source. Toronto-based Environmental Solutions Worldwide Inc. will likely sign and announce a deal later this month that could eventually increase converter sales for Westcast because of the new device's ability to cut auto emissions, the source confirmed Wednesday. Brantford-based Westcast is already the world's biggest manufacturer and supplier of cast exhaust manifolds. The company's customers include General Motors, Ford and Chrysler. Westcast and Environmental are already working on a pilot project for fleet testing of the new technology, the source noted. Jim Slattery, Wescast's chief financial officer, said he would not discuss any investment until the company releases it publicly. ``I won't confirm or deny anything and I don't want you to read anything into that,' Slattery added. Spal Singh, co-founder of BBL Technologies, an Environmental Solutions subsidiary, also would not comment about any pending deal with Wescast. Conventional converters use precious metals such as platinum, palladium and rhodium. But the new product will not need precious metals because of the technological advances, which will cut hydrocarbons, nitrous oxides and carbon monoxide, the source said. Furthermore, test results have also shown fuel savings, added the source who is familiar with the technology. Auto makers around the world are searching for ways to reduce emissions so they can meet tougher environmental standards during the next decade. Wescast, which reported sales of about $350 million last year, operates eight plants including six in Canada, one in the U.S. and another one in a joint venture with Linimar Corp. in Hungary. (Toronto Star)