Hella and Stanley Purchase Shares in Korean Auto Supplier
Automotive lighting suppliers Hella KG Hueck & Co. and Stanley Electric Co. Ltd. have purchased a five percent share in Korean auto supplier Samlip Industrial Company Ltd., based in Daegu, Korea. According to Joe Borruso, president and CEO of Hella North America, the investment represents a further expansion of the company’s 15- year-old relationship with the Korean supplier.
Myers Industries To Buy Michigan Rubber Products and WEK Industries
Myers Industries has signed an agreement to acquire the stock of two companies that supply rubber and plastic products to the automotive industry. Myers is set to acquire Michigan Rubber Products and WEK Industries, which had combined net sales of approximately $60 million in 2003. The transaction is expected to close in early March, subject to customary conditions of closing.
Modine Wins High Volume Condenser Program from PSA
Modine Manufacturing Co. has received the largest condenser order in the company’s 88-year history, from the European automobile manufacturer PSA Peugeot Citroen. The condensers will be used in several models for PSA, which has been one of the fastest-growing carmakers in the past five years. Modine will start production in 2006 for the anticipated $15 million order, approximately half of which represents incremental business. The air conditioning condensers will be manufactured in a highly specialized facility in Austria, which started in 1984 as a joint venture.
Moody’s Cuts ArvinMeritor Rating
ArvinMeritor Inc. said its debt rating was lowered to non-investment grade by Moody’s Investors Service and that the move will boost the company’s borrowing costs. Moody’s cut its rating on the Troy-based company’s long-term debt to Ba1, one level below investment grade, from Baa3, ArvinMeritor, said in a filing with the Securities and Exchange Commission. The company makes truck axles and automotive exhaust systems. Moody’s said the downgrade reflects ArvinMeritor’s “relatively poor performance” in 2003 and the first quarter of 2004, a result of lower vehicle production and slow demand for heavy trucks.
CBS Segment Featuring ASA’s Ron Pyle Sparks Criticism from Insurers, Repairers
The Automotive Service Association’s (ASA’s) Chief Staff Executive Ron Pyle was recently featured in two CBS programs that addressed the issue of insurer-owned body shops. A number of insurers and repairers responded negatively to the segment, including the National Auto Body Council (NABC), which sent a stern letter to CBS News stating that the segment didn’t live up to its sensationalized billing, when Dan Rather told the viewing audience to stay tuned to see how consumers are possibly being ripped off by collision repair shops.
Edelbrock 2004 Catalog Now Available
The new 2004 Edelbrock Catalog for American Cars & Trucks is now available. Sporting a historic cover shot of Vic Edelbrock Jr. with his father’s just-restored ’32 Ford Roadster, the new catalog has 244 pages of automotive parts including manifolds, shocks, cylinder heads, fuel pumps, carburetors, camshafts, headers, crate engines, etc. It is also the company’s largest catalog to date.
R&B Reports Sales and Earnings for the Fourth Quarter and Full Year
Automotive replacement parts supplier R&B has announced financial results for the fourth quarter and year, which ended December 27, 2003. For the fourth quarter, sales increased 1 percent to $55.6 million from $55.1 million in the same period last year. Net income in the fourth quarter of 2003 was $3.8 million compared to net income of $3.5 million in the same period in 2002. Diluted earnings per share in the fourth quarter increased 8 percent to $0.42 from $0.39 in the same period last year.
Executive Interview with Jim Taylor, CEO of Thomas Group
Our latest edition of “Executive Interview” features Jim Taylor, CEO of the Thomas Group. Taylor joined the Thomas Group in 2001 as vice president and CFO. From 1997 to 2001, Taylor served as president of the Chancellor Group, a Dallas, Texas, management consulting firm, where he assisted companies in restructuring, raising funds and completing initial public offerings. Join us as Taylor tells us more about the Thomas Group culture and how it works for its clients.
Exploring Visionary Leadership with University of the Aftermarket
In today’s business environment, it is not enough for an effective leader to organize people and resources for the pursuit of business goals, targets and objectives. To gain the competitive advantage, you must be a visionary leader and motivate your team to be more productive, more focused and more fulfilled. Learn more about this important management tool in the University of the Aftermarket’s new leadership program, Exploring Visionary Leadership, set for Wednesday and Thursday, April 21-22, at the Marriot Rivercenter, San Antonio, Texas.
Transpro Expands A/C Condenser Program
Transpro has expanded application coverage for its line of Ready-Aire Air Conditioning Condensers with the publication of a new 2004 catalog. The newly expanded product offering includes more than 400 total part numbers with coverage through the 2004 model year on several applications.