SEC Investigates Goodyear
The federal Securities and Exchange Commission is investigating accounting problems at Goodyear Tire & Rubber Co., the world’s largest tire maker said. News of the investigation sent Goodyear shares down 96 cents, or nearly 10 percent, to close at $8.96 on the New York Stock Exchange. The stock had been rebounding recently as the company pushed a new line of tires that analysts said could help make Goodyear profitable again.
Dana Doubles Dividend
Citing continued confidence in the company’s performance and direction, Dana Corp.’s board of directors has doubled the dividend on the company’s stock, from 6 cents per share to 12 cents per share.
ATP-Inc. to Produce Illustrated Parts Catalog Internally Using e-Publisher
The e-Publisher catalog management system from Vertical Development Inc. (VDI) has given replacement parts supplier ATP-Inc. the capability to generate illustrated parts lists and catalogs internally, bypassing traditional typesetting and desktop publishing services. According to VDI, the system will also allow ATP to produce literature faster and export data mapped in industry-standard formats.
Lund International Announces Two Executive Appointments
Lund International has promoted Bob Schuetz to vice president of aftermarket sales. Schuetz joined Lund in October 2003 in the newly created position of vice president of new business development. Lund has also announced the appointment of John Whitten as director of sales engineering. Whitten brings with him 11 years of quality and product engineering, most recently working in automotive accessories on a contract basis for General Motors and DaimlerChrysler.
ASA Chief Staff Executive Addresses Consumer, Insurer Issues on Two CBS Programs
The Automotive Service Association (ASA) and its Chief Staff Executive Ron Pyle played a significant role in two CBS programs that addressed the issue of insurer-owned body shops. Pyle was recently interviewed at ASA’s headquarters in Bedford, Texas, and appeared Wednesday, Feb. 11, on the “CBS Evening News” during its “Eye on America” segment. On Thursday, Feb. 12, Pyle provided follow-up coverage on this issue when he was interviewed again by CBS during an appearance on “The Early Show.”
Friday is Deadline to Submit Info for AASA Top Suppliers List
Friday, Feb. 13 is the deadline to submit information for participation in the 2004 Top Automotive Aftermarket Suppliers List, published by Automotive Aftermarket Suppliers Association (AASA), the aftermarket segment of the Motor & Equipment Manufacturers Association (MEMA).
Tower Automotive to Move Dodge Ram Frame Production to Mexico
Tower Automotive has announced it will move the production of frame assemblies for the Dodge Ram light truck from its Milwaukee manufacturing facility to a facility run by the company’s joint venture partner, Metalsa S. de R.L., in Monterrey, Mexico. Tower Automotive owns a 40-percent equity interest in the venture. The move is planned for mid-2005.
Cavanaugh Named Assistant Treasurer at Goodyear
Goodyear Tire & Rubber has named John Cavanaugh assistant treasurer. Cavanaugh joined Goodyear in July 2003 as director, treasury. Prior to that, he had been director of capital markets for Visteon. Cavanaugh joined the autoparts maker in June 2000 as manager of cash and pension investments. He worked at Kmart Corp. in financial analysis and treasury from 1998 to 2000.
ArvinMeritor Launches Search for CEO Successor
ArvinMeritor’s board of directors has retained an international executive search firm to identify a successor to Larry Yost, chairman and CEO. Yost said he will remain in his current capacity until a successor is found.
Yost to Retire as ArvinMeritor CEO
Auto-parts supplierArvinMeritor Inc., which lost its bid to buy Dana Corp. last year, said Monday it is searching to replace chief executive Larry Yost, who plans to retire. The Troy-based company offered few details about the search, but company spokeswoman Lin Cummins said Yost has wanted to retire for some time. Yost led the company through several transitions including the 2000 merger of Arvin Inc. and Meritor Automotive Inc. He had been CEO of Meritor before he became chairman and CEO of ArvinMeritor.