New Venture Gear
New Venture Gear, now Magna, or New Process Gear, a division of Magna International, was a joint-venture automobile transmission company set up by General Motors and the Chrysler Corporation in February 1990. It was 64% owned by DaimlerChrysler and 36% owned by GM until February 2002, when General Motors sold its stake in the company to DaimlerChrysler. Magna International purchased 80% of the company, under the holding name "New Process Gear", from DaimlerChrysler on September 29, 2004 and continues to operate it. As of 2007, Magna owns 80% of the plant.
New Venture Gear inherited Chrysler's New Process Gear Syracuse, New York plant and GM's Muncie, Indiana transmission plant. The New Process plant was renamed to the "New Process Gear Division" of New Venture Gear. New Venture operates a similar operation in Roitzsch, Germany. The Muncie plant was reverted to GM control, closed its doors in mid 2006, and was turned over to Delaware County, IN.
New Process Gear itself has been in business since 1888.
The company produced the NV 247 all-wheel drive transfer case, sold by Jeep as the "Quadra-Trac II". The Syracuse location was also the site which produced the original manual transaxle for the Dodge Neon and PT Cruiser (T-350), as well as manual transaxles for Chrysler minivans (T-650 & 750), most of which ended up in Europe.
- "All-Wheel Drive Revolution? New Venture Gear leads a shift in AWD technology". Ward's AutoWorld. http://waw.wardsauto.com/ar/auto_allwheel_drive_revolution/. Retrieved on January 3.
- "GM Drops Its Stake in New Venture Gear". Ward's AutoWorld. http://waw.wardsauto.com/ar/auto_gm_drops_stake/. Retrieved on January 3.