Timken Named to Fortune 500
Canton, Ohio-based manufacturer Timken Co. was named to Fortune magazine’s Fortune 500 listing of the largest companies in the U.S. With $3.8 billion in sales in 2003, Timken is ranked 444 overall and 12 on Fortune’s list of industrial and farm equipment manufacturers.
New AAIA Report Provides Insight Into Auto Repair Professional’s Tool Buying Habits
A new market research report published by the Automotive Aftermarket Industry Association (AAIA) reveals that technicians, shop owners and service managers prefer to purchase their tools from mobile tool distributors. The report — “Tool Purchasing Trends” — offers insight into current and future purchasing decisions of professional users of tools and equipment for automotive repair based on surveys of more than 1,340 respondents.
ASA Adds New Affiliate
The Automotive Service Association (ASA) board of directors has named ASA-Texas as its 15th affiliate. Terry St. Pierre, owner of The Muffler Shoppe in Abilene, Texas, and president of ASA-Texas, said he is excited about the future of ASA-Texas and the direction it’s headed. St. Pierre said he encourages all service professionals to grow their local chapter, which will in turn grow their state groups, which will grow ASA on a national level.
Judge Approves $149 Million BFNAT Settlement
State District Judge Donald Floyd in Beaumont, Texas, has approved a $149 million settlement of 30 class-action lawsuits filed on behalf of Bridgestone/Firestone tire owners. The announcement comes more than three years after the 2000 recall of 14.4 million Firestone tires. Bridgestone/Firestone North American Tire (BFNAT) agreed to the proposed settlement last July.
BFNAT Plant Shut Down After Blaze
A fire in one of three rubber stock mixers Mar. 13 temporarily shut down Bridgestone/Firestone North American Tire’s Aiken, S.C., plant. No one was injured, and reports say that there was minimal damage to the facility.
AutoXray Lands on the Shelves of NAPA Auto Parts
AutoXray, a provider of automotive diagnostic scanners, is now offering its products through NAPA Auto Parts stores. NAPA has made the AutoXray EZ Scan line of diagnostic scan tools available in more than 6,000 stores nationally.
Elgin Industries Named Jasper Engines & Transmissions “Preferred Partner”
Elgin Industries has been named a “Preferred Partner” by Jasper Engines & Transmissions, one of Elgin Industries’ largest customers. The award was presented during the annual Jasper Engines & Transmissions Preferred Partners Banquet on March 9.
Intermet Reports Losses
Intermet Corp. revised its fourth quarter and full-year financial results and reported a loss of $95.4 million, or $3.40 per share, on sales of $183.3 million in the fourth quarter. The Troy manufacturer of cast-metal automotive components earned $430,000, or 3 cents per share, on sales of $180.47 million in the same quarter of 2002. For the year, Intermet lost $98.9 million, or $3.22 per share, on sales of $731.16 million. It earned $9 million, or 41 cents per share, on sales of $755.73 million for 2002.
German Auto Parts Makers Tour Southern U.S. Sites
Ten executives from German companies that serve the automotive industry are in Charlotte, N.C., and upstate South Carolina this week to investigate expansion sites. While rushing to expand in China, German automotive companies still consider the U.S. the most attractive market, in large part because BMW, Mercedes-Benz, Porsche and Audi continue to increase sales here.
TIA Unveils New Logo for the TIA World Tire Expo
The Tire Industry Association (TIA) has unveiled a new logo for the TIA World Tire Expo, the conference and exhibition for the commercial tire, retreading and recycling industries. The event is scheduled to be held April 20-22, 2005, in Louisville, Ky. “The new WTE logo works with our logo to insure that the tire industry knows that TIA is running this international show geared towards the commercial, retreading and recycling segments of the market,” said Larry Morgan, president of TIA.