Collins & Aikman Chairman and CEO Resigns, Charles Becker Named Acting CEO
Collins & Aikman Corp. has announced the resignation of Chairman and CEO David Stockman. Charles Becker, a former director of the company, has agreed to serve as acting CEO, while the company searches for a permanent replacement for Stockman. In addition, the company’s board of directors has asked three directors, Anthony Hardwick, Timothy Leuliette and Daniel Tredwell, to support Becker as a temporary steering committee of the board while it spearheads a search for a full time replacement to serve as CEO of the company. Marshall Cohen, a current director of the company, was named as non-executive interim chairman of the board of directors.
LIVE FROM GAAS: Day 2
The second day of the 2005 Global Automotive Aftermarket Symposium (GAAS) in Chicago included an overview of the aftermarket industry’s efforts to reach out the public and Wall Street – via initiatives like the Be Car Care Aware campaign.
Venture Tape Opens Certified Training Center for Installers
Venture Tape Corp., a global manufacturer of specialty tapes, has opened a new, interactive training center for installers of its automotive paint protection system, Venture Shield. Housed at the company’s Rockland, Mass., headquarters, the facility will provide professional aftermarket installers with intensive, hands-on training that follows recommended Venture Shield application techniques. At the completion of the three-day training program, attendees will receive certification authorizing them to apply Venture Shield to their customers’ cars and trucks.
Genuine Parts Co. Reports First Quarter Results; Automotive Group Shows Steady Increase
Genuine Parts Co., on a conference call last Friday, said first-quarter earnings rose six percent as sales grew across its major business operations. Overall, the Atlanta-based company reported a profit of $106.6 million, or 61 cents per share, up from $100.2 million, or 57 cents last year. Sales grew 7 percent to $2.34 billion from about $2.2 billion. Automotive parts group net sales showed a 4 percent improvement to $1.17 billion from $1.13 billion last year.
Falken Tire Unveils Contingency Program for 2005 Formula Drift Series
Falken Tire Corp. has unveiled its 2005 contingency program for the Formula Drift series. Falken Tire is a member of the Sumitomo Rubber Industries Group. In addition to assembling what the tire company says is the largest “Works” team competing in the U.S. series, Falken will also offer payouts to any drivers/teams (“Works” or privateer) competing on Falken Tires that meet the rules and regulations of the program.
Torvec Adds Two to Board of Directors
Automotive technology firm Torvec has elected Mary Ho and Philip Fain to its board of directors. Mary Ho is president of the China Millennium Council, a globally-recognized enterprise dedicated to fostering and developing innovative cultural, educational and community partnerships with China. A renowned expert in international negotiation, Ho has extensive experience in international public relations, corporate strategy development and transition management.
Publisher Buys J.D. Power
James Dave Power III, who has spent more than half his life building an idea into a trusted company that provides information to consumers and companies — especially about automobiles — agreed Monday to sell his research firm to the behemoth McGraw-Hill Cos. Inc.
$2.5 Billion GM Investment Hailed as Putting Canada on Auto Industry Map
A $2.5-billion investment from General Motors to strengthen its Ontario operations was hailed by politicians and labor leaders alike Wednesday as a move that makes Canada a bigger player on the global automotive map.
Venture’s Bankruptcy Plan Out; Auction Likely
The murky future of troubled auto supplier Venture Industries got murkier as a bankruptcy judge denied the company’s plan to exit bankruptcy after nearly two years. Most likely the Fraser, Mich.-based company — which makes plastic parts such as bumpers and instrument panels for the auto industry — is headed for the auction block with it being sold off all at once, or piece by piece. Venture is one of the world’s largest auto-plastics suppliers and at its peak employed about 13,000 worldwide, including about 2,000 in metro Detroit.
ASC Named Alliance Private Label Vendor of the Year
ASC Industries has been recognized by the Aftermarket Auto Parts Alliance as Outstanding Private Label Supplier of the Year for 2004. ASC was also honored with a 2004 Supplier Award for Outstanding Shipping Performance. ASC Industries supplies the Alliance with new aftermarket water pumps for passenger, light- and medium-duty truck, heavy-duty vehicle, high performance and marine applications, through the Alliance’s private label – PartsMaster, Quality Replacement Parts.