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.
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.
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.
ArvinMeritor Honors Outstanding Achievements in Engineering
ArvinMeritor has announced the winners of its 2003 Engineer of the Year and Manufacturing Engineer of the Year awards. The awards, presented at ceremonies on Feb. 5, in Detroit, Mich., recognize those engineers or scientists who have made significant and innovative technological contributions to ArvinMeritor, its customers and the automobile industry.
Tower Takes Charges, Posts Loss
Tower Automotive Inc., the world’s largest maker of vehicle frames, had a fourth-quarter loss of $24.7 million because of expenses for restructuring operations and writing down assets. The loss was 43 cents a share, compared with profit of $17.3 million, or 29 cents, a year earlier. Sales rose 5.2 percent to $717 million from $681.6 million, the Novi-based company said.
TBC Reports Record Fourth Quarter and Year-End Results
TBC Corp., one of the nation’s leading marketers of automotive replacement tires, reported record sales and earnings for the fourth quarter and year, which ended December 31, 2003. Net sales in the fourth quarter increased 33.5 percent to $370.7 million, compared to $277.8 million in the prior-year period. Same store sales for TBC’s retail segment increased 4.5 percent in the fourth quarter. TBC’s total unit tire sales increased 10.7 percent in the fourth quarter, compared to a 2.2 percent increase in unit shipments by tire manufacturers based on preliminary reports.