Ride Your Hog and Save a Dog
The third annual NASCAR Caf
Gentex Uses Foreign Sales To Boost U.S. Market
At a time when so much focus is on job losses to overseas markets, Gentex Corp. is growing business and jobs at home on the strength of sales to foreign automakers in Asia and Europe. Gentex’s sale of auto-dimming automotive mirrors to foreign-based automakers has surpassed sales to customers in North America during 2004. Overseas shipments accounted for slightly more than half of mirror sales during the first six months of the year and 51.6 percent of the 3 million mirrors shipped during the second quarter alone.
International Big R Show Registration Now Online
Online registration has opened for the International BIG R Show, which takes place Oct. 29-Nov. 1 at the Riviera Hotel in Las Vegas. Since 1988, the International BIG R Show has helped suppliers to the automotive and truck parts remanufacturing industry reach out to potential customers. The show is designed to attract rebuilders of a wide range of automotive and truck parts, exposing them to the key suppliers in this industry. In 2003 more than 160 exhibiting companies displayed the latest equipment, components, new units, cores and more during the two-day
Rift Harming Auto Industry
The tense relationship between Detroit’s automakers and their suppliers was on display Wednesday as executives from both camps spoke about cooperating and collaborating while taking subtle or direct swipes at each other.
Midas Returns To Profitability
Midas has reported net income of $2.6 million — or 16 cents per diluted share — for the second quarter, which ended on July 3. This marks company’s first quarterly net income since the third quarter of 2002. Last year, Midas reported a second quarter loss of $32.7 million — or $2.10 per diluted share — after business transformation charges of $50.8 million — or $1.99 per share — for establishment of an accrual for warranty obligations, asset write-downs and employee severance costs related to the company’s shutdown of its wholesale distribution system.
Large Auto Parts Retailers and Distributors Steadily Gain Aftermarket Share
Automotive parts distributors and retail chains have settled into a pattern of sales expansion which is faster than the overall market demand, at near 5 percent per year. This contrasts sharply with double-digit growth enjoyed by these companies in the late 1990s when a large portion of new sales were achieved by acquisitions.
Two Keystone Automotive Industries Board Members Retire
Keystone Automotive Industries announced that board members Al Ronco and Ron Brown have informed the company of their decision not to stand for re-election at Keystone’s annual meeting to be held this month. The company said it has nominated James Robert Gerrity and newly appointed CEO Richard Keister to fill two of three board vacancies.
Study: More than Half of Global Brands Fail to Answer E-mails
According to a recent report from BtoB magazine, less than half of the top global brands respond to e-mail correspondence sent to their Web sites.
Herman Trend Alert: Innovation Talent Bank at Risk
America’s vital research and development is at risk; the country’s share of global degrees in the innovation fields (both baccalaureate and graduate) is declining. Long-term shifts are likely in the share of global talent in science, technology, engineering and mathematics.
Midas’ European Operations Gets New Owners
Midas has confirmed the pending sale of its licensed operations in Europe and Latin America. Currently owned by Magneti Marelli, a member of the Fiat Group, Marelli will sell the operations to France’s Norauto Group. Midas sold its interests in Europe and Brazil to Marelli in October 1998, when the companies entered into a long-term license agreement for which Midas received $100 million in cash and on-going royalties throughout the term of the license agreement.