Venture Owner Winget Resigns from Board
Macomb County businessman Larry Winget, cofounder and majority owner of bankrupt auto supplier Venture Corp., has resigned from the board amid a lawsuit that alleges he and his family siphoned millions of dollars from the company. Winget’s son and son-in-law, executives with the struggling auto-plastics firm, have been placed on paid leaves of absence.
IBM: China’s Auto Suppliers Could Face Bumpy Road
China is the world’s fastest growing automotive market, but a new study suggests the auto suppliers fueling that expansion may be growing too fast. In fact, says the report, there could be over capacity and a resulting shakeout in the supplier market within five years.
SPX Contech Wins $18 Million in New Business
Contech, a unit of SPX Corp., has received several new die-cast projects, with an estimated annual revenue of approximately $18 million. Production of each of the five new components will launch by January 2006.
Appearance Accessories Capture More of Market
Over the past eight years, appearance/body accessory products have shown the largest growth of any product group in the industry, increasing 96.4 percent. Following closely is custom wheels, with performance chemicals in third place.
Engine Manufacturers Will Work to Meet the Challenge of EPA’s New Nonroad Diesel Engine Regulation
The Engine Manufacturers Association (EMA) responded positively to the announcement of the nonroad diesel engine and fuel regulation finalized recently by the U.S. Environmental Protection Agency (EPA).
Executive Interview with Max Dull, Vice President and General Manager of Beck/Arnley
Our latest edition of “Executive Interview” features Max Dull, vice president and general manager of Beck/Arnley. Join us as Max shares insights from his extensive aftermarket experience, fills us in on what’s new at Beck/Arnley and explains the Beck/Arnley business philosophy.
“DST Asks: Do You Get Everything You Need from Your Current Computer System?
We’re going to go out on limb and make the assumption that the goal of your business is to make a profit by acquiring customers, selling and servicing them, and retaining them for generating future revenue. If this is not the goal of your business, there’s no need to read further in this week’s column – although if that’s the case, we would love to hear what actually is the goal of your business.
Uni-Select Inc. Net Profits Increased by 20.8 Percent in the First Quarter of 2004
Uni-Select Inc. recorded an increase in net profits of 20.8 percent this year to attain U.S. $4.14 million or $0.23 per share compared to $3.43 million or $0.19 per share for the corresponding period a last year. Sales improved to $175.8 million in the first quarter of 2004, an increase of 6.2 percent versus sales of $165.6 million in the first quarter of 2003.
Transportation Secretary Mineta Launches Traffic Safety Partnership with NASCAR
U.S. Transportation Secretary Norman Mineta and NASCAR President Mike Helton have joined forces in launching a new traffic safety alliance with the racing league aimed at saving the lives of everyday drivers on America’s roads. Secretary Mineta made the announcement while in Richmond, Va., appearing as the grand marshall of NASCAR’s running of the Chevy American Revolution 400.
Suppliers Feel Pinch from Auto Industry
Workers at the Timken Co. can spin magic with bearings, crafting superb tapered bits of metal tinier than grains of sand and 9-ton sculptured steel behemoths. The friction-reducing bearings let cars, sport utility vehicles, railroad engines, space satellites, computer disk drives and even missile guidance systems function. But for all that specialized engineering, the $3.8 billion Canton manufacturer is caught in the same pythonlike economic squeeze as businesses large and small across the world: how to cut costs and do more with less, because if they don’t, someone else eventually will.