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STERLING HEIGHTS, Mich., Nov. 10, 2005 -- New Venture Holdings, LLC, a billion dollar Sterling Heights-based automotive supply company, announced today that it is changing its corporate name to Cadence Innovation. "We''re changing our name to clearly identify ourselves as a new and different company with new ownership and management. At the same time, we are discontinuing the names New Venture Holdings and the former Venture Industries," said Jerry L. Mosingo, Cadence Innovation CEO. All operations around the world, including Peguform France and Peguform Bohemia, will be renamed Cadence Innovation. The new company began operations in May of this year. Since that time, it has been forming a new management team and creating a long-term strategic plan. The new name reflects the new plans and a new culture. Cadence speaks to the importance of teamwork, pace and rhythm in the pursuit of any goal. Innovation is about coming up with creative, unique solutions to challenging problems, not just product development. "At a time when there''s not a lot of good news in the auto industry, we think we represent the kind of positive things that can happen around what may be a tough business but is still the greatest industry in the world," Mosingo said. Cadence Innovation is a new company and a new management team with a proven track record of success. "Automotive manufacturers see the need for a company like ours that can efficiently provide technologies and manufacturing solutions," Mosingo said. "We can do that and we think the Cadence Innovation name will help people to see us and think about us as the new company we have become. Early indications confirm this. We have hundreds of millions of dollars in quoted business right now, a level of activity I have never seen in this industry." The Cadence Innovation name takes effect immediately and will be phased in across all communications over the next 6 months. Cadence Innovation is a $1 billion automotive supplier offering innovative design, engineering, manufacturing, assembly / sequencing solutions for interior and exterior components, systems and modules in four areas -- instrument panels and cockpits, painted exteriors (including modules), doors/door modules and cargo management systems. The company has over 6,000 employees in 26 facilities in the United States, France and the Czech Republic and supplies most of its automotive components and modules to DaimlerChrysler, Ford and General Motors in North America and Toyota, Nissan, Renault, PSA Peugeot Citroen, VW, Audi, Skoda, Isuzu and Suzuki in Europe. (() |
