Global auto parts manufacturer Magna International has signed a deal to buy fellow Canada-based company Techform for an undisclosed amount. The deal, which is set to close in the coming weeks, will add three plants to Magna's network. One of those is in Portland, where Techform has been doing business as Mechanical Components of Tennessee and cranking out latch and hinge systems as well as seat parts and other products.
Word of Magna's Techform deal comes four weeks after the company said it plans to invest $16 million in Spring Hill and hire more than 350 people for a new seat assembly plant.
Tommy Whittaker, the president and CEO of First Farmers Bancshares in Portland, is one of four people newly named to the University of Tennessee board of trustees. (Here's the full release.) Whittaker has been with the parent company of 11-branch Farmers Bank or all but two years of his 37 years in the business.
POSTDATA: WARRANTY DEEDS