Welcome to our dedicated page for Garrett Motion news (Ticker: GTX), a resource for investors and traders seeking the latest updates and insights on Garrett Motion stock.
Garrett Motion Inc. reports developments in turbocharging, electric-boosting and thermal-management technologies for automotive, commercial vehicle and industrial applications. News commonly covers quarterly results and outlook, light-vehicle and commercial-vehicle program awards, E-Powertrain and E-Cooling wins, and product activity around oil-free centrifugal compressors for battery energy storage, data-center, HVAC and electric commercial-vehicle cooling systems.
The company also issues updates on capital allocation, including dividends and share repurchases, as well as technology presentations tied to its Turbo, Zero-Emission Vehicle and Industrial portfolios.
Garrett Motion Inc. (Nasdaq: GTX) announced the launch of its Model-Based Predictive Control (MPC) technology software in collaboration with Hyundai Motor Company. This innovative software aims to enhance the performance, efficiency, and reliability of various vehicle types, including ICE, hybrid, and electric models. By integrating the MPC technology into Hyundai's i20 N, Garrett enables OEMs to optimize fuel economy and reduce emissions while streamlining development efforts. The initiative underscores Garrett's commitment to innovation and its expansion in the automotive technology market.
Garrett Motion Inc. (Nasdaq: GTX) announced an expansion of its Wuhan, China production facility by 50% to meet increasing demand from local and global automakers. The plant, operational since 2013, has experienced a 60% annual growth rate in production from 2014 to 2020, with net sales in China rising over 32% in 2020. The expansion, expected to complete by Q1 2022, will feature advanced production lines for turbo technology and electrification. This move underscores Garrett's commitment to supporting automotive innovations in China’s growing market.
Garrett Motion Inc. (Nasdaq: GTX) announced that its common stock is now trading on the Nasdaq Global Select Market, the exchange's highest listing tier. This follows the successful exit from Chapter 11 restructuring on April 30, 2021, which has strengthened Garrett's balance sheet and competitive position. CEO Olivier Rabiller stated that this listing marks a new era for the company, enhancing its ability to pursue growth opportunities in turbo, electrification, and connected vehicle technologies. The move signifies an important milestone in Garrett's evolution.
Garrett Motion has received an improved stalking horse bid from KPS Capital Partners, increasing the purchase price from $2.1 billion to $2.6 billion as part of its ongoing Chapter 11 bankruptcy process. KPS aims to retain claims against Honeywell and lists the new parent company on a U.S. exchange. Existing shareholders will have an opportunity to co-invest up to $350 million, potentially retaining 24% equity. Additionally, there is an alternative proposal from institutional investors to buy control without a competitive auction, which Garrett is currently evaluating.
KPS Capital Partners has entered into a $2.1 billion stock and asset purchase agreement to acquire substantially all assets of Garrett Motion Inc. (NYSE: GTX). This acquisition follows Garrett's voluntary Chapter 11 bankruptcy filing aimed at restructuring. KPS seeks designation as the 'stalking horse bidder' to ensure a competitive sale process. To support operations during restructuring, KPS will also provide Debtor in Possession (DIP) financing. The completion of the acquisition is subject to court approval and expected in early 2021.
Garrett Motion Inc. (NYSE: GTX) has partnered with CANGO to launch Fleetcare, an innovative aftermarket fleet management solution. This tool integrates Garrett's Early Warning System (EWS), enhancing existing telematics for fleet operators by predicting future component failures and minimizing service disruptions. Fleetcare targets critical metrics such as fuel consumption and operational run-time, making it ideal for sectors like emergency services and long-haul trucking. This collaboration aims to optimize fleet management, offering potential cost savings and improved operational efficiency.
Garrett Motion Inc. (NYSE: GTX) has launched the Garrett Early Warning System (EWS), an innovative software for commercial fleet managers that leverages AI and physics to enhance operational efficiency. This system predicts potential vehicle issues, helping to reduce downtime and improve cost management. Currently deployed in test vehicles across Europe, it is expected to save fleet operators over €130,000 annually by optimizing vehicle performance and minimizing maintenance costs. Garrett aims to expand this solution across various commercial sectors.