Visteon Plant Earns EPA Honor
Visteon Corp.’s Sheldon Road manufacturing facility, located in Plymouth, Mich., has received recognition for its voluntary efforts to maintain a healthier and safer environment.
Stride Tool Names New Board Member
Stride Tool Inc., a designer and manufacturer of specialty hand tools, has announced the appointment of automotive industry veteran Paul Baffico to its board of directors.
Federal-Mogul Allowed to Take Out $1.93 Billion Loan
A bankruptcy judge gave Federal-Mogul Corp. permission on Friday to borrow as much as $1.93 billion from a group of banks led by Citigroup Inc. to help fund its reorganization. The company will get a $500-million loan to help pay for operations while under court protection and $1.43 billion of financing for use after it exits bankruptcy. U.S. Bankruptcy Judge Raymond T. Lyons in Trenton, N.J., approved the financing at a hearing.
Magna to Build Plant in Indiana
Auto parts supplier Magna International Inc. will build a $73-million factory to produce powertrain components for General Motors Corp., creating more than 300 jobs, the company said Friday. A subsidiary of the Aurora, Ontario, company, Magna Drivetrain of America Inc., will employ 310 people when it reaches full production in the next three years, officials said. Magna expects to eventually hire a total of 420 people.
Keystone Suspends Headlamp Sales
Auto replacement parts distributor Keystone Automotive Industries Inc. said Friday that it suspended the sale of aftermarket headlamps for the Ford Taurus and the General Motors Pontiac Grand Am as a result of independent tests that indicate these headlamps do not fully comply with federal standards.
JAMAK to Premier New Global Wipers at AAPEX
JAMAK Global Wipers, a pioneer in silicone wiper technology, will announce the launch of its new Global Wiper range at the upcoming AAPEX show in Las Vegas. The new wiper range will compliment JAMAK’s Tripledge and Cyclone brands of silicone wipers. The new offerings include the Endurance Edge, Performance Edge and Classic Edge range of wipers.
AAIA Members Invited to AAPEX Seminar Series
American Express Tax and Business Services Inc. will kick off the AIA Seminar Series at AAPEX, by presenting the “Doing Business With China: How to Succeed” breakfast seminar on Tuesday, Nov. 2 at 7:45 a.m. at the Sands Expo Center (SEC) in rooms 303-304. This timely discussion of doing business with China will address in-bound logistical and tax planning considerations. Participants will learn about the economics of going to China, when to go and how to get there. Presenters will discuss the economics of new distribution channels and how to make them successful, as well as how to get the most out of setting up foreign operations from a U.S. tax perspective.
Workers Sue Oxford on Benefits
Former employees of a closed Indiana auto parts plant are suing a Michigan company and its top executives, accusing them of lying to the government and holding up benefits provided under the North American Free Trade Agreement. More than 300 former employees of Oxford Automotive Inc. are named as plaintiffs in a complaint alleging the Troy, Mich.-based company and nine former and current company officials engaged in fraud and criminal conversion. The case was filed Friday in Marshall Circuit Court.
Dana Third Quarter Profit Falls
Dana Corp., the biggest maker of axles for light trucks, said third-quarter net income fell 34 percent as U.S. carmakers trimmed production and raw material costs rose. Net income dropped to $40 million, or 27 cents a share, from $61 million, or 41 cents, the Toledo company said Wednesday. Sales rose 12.2 percent to $2.11 billion from $1.88 billion. Higher steel costs alone reduced net income by $22 million, Chief Executive Michael Burns said in a statement.
AMN Publisher Jon Owens Talks About the Great Brand Debate
A brand is a promise. But the bigger question is: Just what exactly does your brand promise?