Bankrupt Venture Might Sell Some Assets
Bankrupt auto supplier Venture Corp. plans to put itself up for sale to see if there is any interest in the Fraser firm’s assets or business contracts, say lawyers and others familiar with the struggling company. Venture, which makes plastic parts such as instrument panels for the auto industry, has asked the U.S. Bankruptcy Court in Detroit for permission to market the company. A hearing to get approval and determine how marketing would be handled is scheduled for March 11.
Hankook Tire Boosts Sales in 2003
Hankook Tire America Corp. has reported one of its strongest 12-month sales periods in the company’s history. Increased supply from overseas and major OE contracts played pivotal roles in boosting 2003 sales, according to Bill Bainbridge, marketing director for Hankook.
Pep Boys Reports Fourth Quarter, Full Year Results
The Pep Boys has posted results for the fourth quarter and fiscal year, which ended January 31. Sales for the thirteen weeks were $529,639,000, 13.6 percent higher than the $466,192,000 recorded last year. Comparable merchandise sales increased 15.9 percent and comparable service revenue increased 5.1 percent.
DST Asks: What Value Do You See in Sharing Detailed Sales Data?
An ongoing dilemma exists between all tiers of the supply chain due to the gulf caused by lack of collaboration and sharing of sales information that would ultimately benefit all — manufacturers, distributors, parts retailers and service providers. Where do you stand on these issues? Our objective is to generate the thought and dialogue that might provide energy to new initiatives. See our special offer at the end of this week’s column!
WTO Penalizes U.S. Exports for First Time
The United States comes under World Trade Organization penalties for the first time today, the result of congressional failure to steer through presidential politics, employment anxiety and budget deficits and head off the tariffs. A 5-percent penalty tariff awaits U.S. exports such as jewelry and refrigerators, toys and paper. The penalty climbs by 1 percentage point for each month that lawmakers fail to bring U.S. laws in line with international trade rulings.
ETI Names New Marketing Manager
The Equipment & Tool Institute (ETI) has named Brian Irish to the newly created position of marketing manager. In this new role, Irish will be responsible for all of ETI’s marketing activities.
Bridgestone Profit Jumps
Tiremaker Bridgestone Corp. said its profit nearly doubled in 2003 as sales rose in Europe and payments related to a massive U.S. tire recall three years ago declined. But the tire company forecast lower profits for this year, citing higher rubber prices and increasing marketing expenses in Japan in the face of weak demand.
TRW Trims Losses
Livonia-based TRW Automotive Holdings Corp., the world’s No. 2 maker of automotive air bags, said its fourth-quarter loss narrowed to $1 million, or 1 cent a share, as currency-exchange gains and auto-parts demand boosted sales. TRW has a year-earlier loss of $33 million. Sales climbed 12 percent to $2.98 billion from $2.67 billion, the company said in a statement. A year ago, TRW was part of defense contractor Northrop Grumman Corp.
Tower Automotive Retirees Will See Health Premiums Soar
About 1,200 retirees of Milwaukee’s Tower Automotive plant who opt to keep their current medical coverage will see their monthly health insurance premiums quadruple, or more. Premiums for some of the retirees have increased to more than $1,000 a month. Company officials say skyrocketing healthcare costs have given them no choice but to raise the premiums.
Federal-Mogul Reports Loss
Federal-Mogul lost $120.7 million in the final three months of 2003, 7 percent more than it lost in the same quarter of 2002. For the year, the Southfield-based automotive supplier, which makes such products as Champion spark plugs, Anco wipers and Wagner lights, lost $189.5 million. That’s far below 2002’s net loss of $1.6 billion, which included a $1.4-billion accounting charge.