Timken Announces Record First Quarter Sales
Timken has reported record sales of $1.1 billion for the first quarter of 2004, an increase of 31 percent from the prior year. Adjusted to include pro forma results for Torrington for the full first quarter of 2003, sales were up 11 percent. Sales were higher across all three business groups, automotive, industrial and steel, the company said, compared to the first quarter of 2003. Timken completed its $840 million strategic acquisition of The Torrington Company on February 18, 2003.
Cooper Tire and Rubber Realigns Tire Division
Cooper Tire and Rubber has announced five new executive appointments, as a result of a realignment within the company’s tire group. The realignment was designed to better focus on target markets, support the company’s strategic plan and ensure the right resources are in place to grow the tire business globally, the company said.
Delphi, Visteon Pact to Trade for Job Security
Detroit’s two largest auto suppliers, Delphi Corp. and Visteon Corp., are close to reaching a historic 7-year contract with the UAW that dramatically cuts the wages for all future hires, and requires them to pay for more of their health care and much of their retirement, UAW and company sources have told the Free Press.
Herman Trend Alert: Transnational Job Movement
Many Americans are upset about the migration of jobs to countries like India and China. While the perception is that a huge proportion of jobs is permanently leaving the U.S., the reality seems to be considerably different.
Process Management Framework
Two articles back we talked about the role of the process owner. This person is a critical leader and driver of change, but can’t make it happen alone. Operational innovation in the process enterprise can produce significant performance improvement, but it requires close teamwork across multiple departments to achieve its full potential. Today’s article looks at the cross-functional infrastructure necessary to support the process owner in driving change.
Goodyear Dunlop to Purchase Remaining Shares of Swedish Tire Chain
Goodyear Dunlop Tires Europe, an affiliate of The Goodyear Tire & Rubber Co., has announced its intent to buy the outstanding shares of one of Dackia, a Swedish retail tire group, for an undisclosed price.
Genuine Parts Co. Reports First Quarter Results
Genuine Parts Co. (GPC) has reported sales and earnings for the first quarter, which ended on March 31. Sales for GPC totaled $2.2 billion, up 9 percent compared to the first quarter of 2003. Net income for the quarter was $100.2 million, an increase of 13 percent over $88.4 million recorded in the previous year before the cumulative effect of an accounting change adopted January 1, 2003.
Automotive Supplier ThyssenKrupp Budd Names New President and CEO
ThyssenKrupp Budd Co., a leading components supplier to the automotive industry, has announced the appointment of Dietrich Zaps as president and CEO. Headquartered in Troy, Mich., ThyssenKrupp Budd produces sheet metal stampings and assemblies, chassis modules and frame components, composite autobody panels and pickup boxes, gray and ductile iron castings and bumpers. The company has more than $2.5 billion in sales and is part of the ThyssenKrupp Automotive Group whose annual revenues exceed $6 billion.
AutoZone Completes Acquisition of Eastern Parts Store Chain
Yesterday, AutoZone announced it had completed the purchase of selected assets of the Eastern U.S. auto parts chain, ABC Discount Auto Parts. ABC had been a long-time member of the RPM Group. The acquisition of ABC furthers AutoZone plans to develop market areas through asset acquisitions where the company currently is under-penetrated. ABC Discount Auto Parts operated 17 stores and one distribution center in Southern New Jersey and Eastern Pennsylvania. The company, previously owned by Lou and Carla Fishman, was headquartered in Cherry Hill, NJ.
NAPA CHASSIS Wins Spirit of NAPA Award
The NAPA organization recently presented its coveted Spirit of NAPA Award to the employees of Dana Corp. in recognition of NAPA CHASSIS’ outstanding vendor support and service. This is the first time NAPA CHASSIS has won the Spirit of NAPA Award.