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Tesla Buys Michigan Tooling Company
Tesla Motors Inc. has acquired Riviera Tool LLC, a Grand Rapids, Mich., maker of metal stamping dies, the Detroit Free Press reports.
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Tesla Motors Inc. has acquired Riviera Tool LLC, a Grand Rapids, Mich., maker of metal stamping dies, the Detroit Free Press reports. Financial details were not disclosed.
Riviera currently supplies dies to Tesla's assembly plant in Freemont, Calif., according to the newspaper. Sources tell the Free Press the Michigan company will be renamed Tesla Tool & Die.
The Riviera acquisition is Tesla's first. The purchase establishes the California company's presence in Michigan, a state that bans Tesla from selling its electric cars directly to customers.
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