Frank Fritz Of HISTORY Channel’s ‘American Pickers’ Joins The Workshop Hero Team
The company says Fritz became a fan of the Workshop Hero’s Metal Rescue and Dry Coat after using the products in his own workshop.
Kentucky Governor Announces Accuride’s Manufacturing Expansion In Henderson, Ky.
Steel wheel manufacturer to invest $5.8 million in the Commonwealth and add 30 jobs.
American Truck Group Sees Private Lending Driving Job Growth For Trucking Industry
Twelve years ago, American Truck Group CEO Louis Normand, then one of Mississippi’s larger big truck dealers, set out to address the growing shortage of truck drivers and lack of access to loans to buy trucks, creating a new market with “rent to buy” trucks.
Motorcar Parts of America Increases Liquidity with New Credit Facility
The credit facility is comprised of a $75 million term loan with Cerberus Business Finance and a $20 million revolving credit facility with PNC Bank, N.A., a member of The PNC Financial Services Group.
Two Accuride Wheels Facilities Named Masters of Quality Winners by Daimler Trucks North America
The 24-year-old program recognizes the “best of the best” among DTNA suppliers by honoring those companies that meet or exceed DTNA’s stringent quality standards and demonstrate an ongoing commitment to improving the quality of its products. Facilities are graded on four criteria: quality; cost; technology; and supply/on time delivery.
Henderson Steps Down as GM President and CEO
Henderson had been in the role less than nine months, stepping in after former Chairman and CEO Rick Wagoner was ousted by the U.S. government’s auto task force. GM Chairman Ed Whitacre will immediately serve as interim president and CEO, while the company searches for Henderson’s replacement.
ThyssenKrupp Budd Completes Sale of its North American Body and Chassis Operations
TROY, MI — ThyssenKrupp Budd has completed the sale of its North American automotive body and chassis operations to Martinrea International of Vaughan, Ontario, Canada. Martinrea, a Tier 1 automotive supplier, produces metal parts, assemblies, modules and fluid management systems. The transaction was announced October 16. The purchase price was $275 million, including $95 million
PART II — The Collapse of American Remanufacturers Inc: An In-depth Look at ARI’s Fall into Bankruptcy
There were certainly many internal factors that lead to the collapse of ARI. Indeed, troubled mergers and internal accounting problems are not new in business. But for the industry at large, ARI’s story poses broader questions about foreign competition and the market’s ability to adapt to today’s rapidly changing global dynamics.
American Remanufacturers Files for Chapter 11
American Remanufacturers, Inc. filed for Chapter 11 protection from its creditors in bankruptcy court in Wilmington, DE, on Monday. In the filing, ARI listed assets of $10 million to $50 million and debts of more than $100 million. The filing includes ARI’s U.S. subsidiaries, but not its Canadian operation. The company has said it does not anticipate any interruption in customer service.
American Capital Invests $33 Million in Qualitor
American Capital Strategies Ltd., a publicly-traded buyout fund, has invested $33 million in Qualitor Inc., a diversified automotive aftermarket parts manufacturer. Founded in 1999, Southfield, Mich.-based Qualitor manufactures application-specific wear products, including brake components, wiper blades, engine control devices and heavy duty truck parts. The company has eight manufacturing, distribution and storage facilities in Connecticut, Florida, Michigan and Ohio and employs nearly 800 people.