Turtle n Peeps
California
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Joined: 06/23/2008
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I didn't see this one coming.
I hope they can hold it together and get back on their feet again. They make great turbos.
Garrett turbocharger files for Chapter 11.
~ Too many freaks & not enough circuses ~
"Life is not tried ~ it is merely survived ~ if you're standing
outside the fire"
"The best way to get a bad law repealed is to enforce it strictly."- Abraham Lincoln
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BenK
SF BayArea
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Joined: 04/18/2002
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X2
Haven't read the article...what happened ?
-Ben Picture of my rig
1996 GMC SLT Suburban 3/4 ton K3500/7.4L/4:1/+150Kmiles orig owner...
1980 Chevy Silverado C10/long bed/"BUILT" 5.7L/3:73/1 ton helper springs/+329Kmiles, bought it from dad...
1998 Mazda B2500 (1/2 ton) pickup, 2nd owner...
Praise Dyno Brake equiped and all have "nose bleed" braking!
Previous trucks/offroaders: 40's Jeep restored in mid 60's / 69 DuneBuggy (approx +1K lb: VW pan/200hpCorvair: eng, cam, dual carb'w velocity stacks'n 18" runners, 4spd transaxle) made myself from ground up / 1970 Toyota FJ40 / 1973 K5 Blazer (2dr Tahoe, 1 ton axles front/rear, +255K miles when sold it)...
Sold the boat (looking for another): Trophy with twin 150's...
51 cylinders in household, what's yours?...
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Turtle n Peeps
California
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Ben: they said they aren't selling enough turbos because of CV19? I haven't kept up on auto sales with turbos so I don't know if that's a BS story or not?
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BurbMan
Islip, Long Island
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Joined: 09/20/2001
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That's only part of it, I think the real; issue is the sentence before:
"According to Benzinga, Garrett took on "significant liabilities" during the spinoff in the form of payments to victims of asbestos exposure that originated from Honeywell's Bendix division."
Bottom line they were saddled with debt their business couldn't support. They are staying in business, the article goes on to say that a PE company is acquiring them for $2.1B to re-structure the debt.
2015 Ram 3500 SRW 4x4 Laramie Crew Cab Long Box, Cummins diesel
2002 Lance 811 Slide-In Camper
SOLD: 2008 Terry 34' TT
SOLD: 2001 K2500LT 8.1L Suburban
Lance 811 Renovation Story!
Project Complete!
Maiden Voyage!
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wilber1
Abbotsford B.C.
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Joined: 12/16/2002
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Looks like Honeywell used them to dump a bunch of debt and asbestos liabilities. Vulture capitalism.
Garrett Files Suit
Wonder how Honeywell convinced people to accept shares in this scam.
"Never trust a man who has not a single redeeming vice" WSC
2011 RAM 3500 SRW
2015 Grand Design Reflection 303RLS
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BenK
SF BayArea
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IMHO...screwed by corporate management (that bought them)
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edbehnke
North America (from Michigan)
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lots of companies and small businesses are doing this blaming CV19. regardless, they will continue in business.
eddie and sandie
3402 Montana 2013
Ford F350 2015
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wilber1
Abbotsford B.C.
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BenK wrote:IMHO...screwed by corporate management (that bought them)
Investors got one new Garrett share for every 10 Honeywell shares they owned. No one bought them. Looks like it was just done to get out from under the asbestos liability.
So will the liability go back to Honeywell if Garrett goes bust?
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Turtle n Peeps
California
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wilber1 wrote:So will the liability go back to Honeywell if Garrett goes bust?
Really good question.
I worked as a contractor in the 80's for Dow Chemical and when we stripped asbestos back then they told us that Dow Chemical owned that asbestos for life. It was trucked to a HW dump around Redding Ca. They said if it had to be moved for some reason Dow Chemical was responsible for the bill........for life. ![[emoticon]](https://forums.goodsamclub.com/sharedcontent/cfb/images/eek.gif "eek")
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tempforce
Oregun Pacific Wonderland (in the summers)
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Joined: 04/26/2002
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typical hostile takeover, then use the company finances to bail out the parent company. then dumps the company they bought which is now saddled with debts.. sorta like what Mercedes did to Chrysler.
Honeywell used to sell electronics, not anything fancy. they sold slide projectors and other consumer electronics. they sold major electrical devices. they weren't financially strong. until they started acquiring companies with strong credit.
somewhere in the texas 'lost pines'
currently without rv.
'13' Ford Fusion
'83' Ford Ranger with a 2.2 Diesel.
'56' Ford F100, 4.6 32 valve v8, crown vic front suspension.
downsizing from a 1 ton diesel and a 32' trailer, to a 19-21' trailer for the '56'.
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