Hayes Lemmerz Reports Third Quarter 2004 Results
Hayes Lemmerz International reported sales for the fiscal third quarter ending on October 31, rose 4.8 percent to $556.2 million, compared with $530.9 million in the fiscal third quarter of 2003. Sales for the nine months ending on October 31 were $1,674 million compared with $1,549 million for the nine months ending on October 31, 2003, an increase of 8.1 percent.
Alcoa Downgraded on Concerns Over Earnings
Alcoa Inc. was downgraded to “neutral” from “overweight” by J.P. Morgan, and removed from the firm’s “focus list,” due to concerns that rising costs, negative currency implications and sluggish demand from automotive and building materials markets will offset higher aluminum prices and lead to another earnings shortfall. The stock, a component of the Dow industrials, fell 56 cents, or 1.7 percent, to $31.75 in Instinet pre-open trading. Analyst Michael Gambardella also lowered his fourth-quarter earnings estimate to 34 cents a share from 39 cents and his 2005 earnings forecast to $1.80 a share from $2.70.
Federated Donates $100,000 to Art Fisher Memorial Scholarship Fund
Federated Auto Parts has made a $100,000 donation to the Art Fisher Memorial Scholarship Fund. The fund, which is administered by the Automotive Warehouse Distributors Association (AWDA), benefits students pursuing automotive aftermarket careers. It was recently renamed after Fisher, who died in January 2004, to honor his dedication to the industry.
Pep Boys Endorses WiredPlaces as ACES Data Services Provider
Pep Boys is partnering with WiredPlaces, a data provider for the automotive aftermarket and OEM industries, to assist the automotive parts retailer with the development of a standardized and centralized AAIA Catalog Enhanced Standards (ACES) compliant parts and accessories information database. In press release issued this week, Pep Boys said it will be working with its supplier community and WiredPlaces to drive the aftermarket toward a fully functional AccuCAT Database, which would serve as a common repository for OEM and aftermarket ACES-compliant data.
Rubber Industry Publication Names Thomas Dattilo Industry Executive of the Year
Cooper Tire & Rubber CEO Thomas Dattilo has been named “Industry Executive of the Year” by Rubber & Plastics News. Identifying Dattilo as the first “outsider” to lead the company, the publication noted he has provided the company “international experience and a better understanding of outside forces that influence companies in today’s economy.”
Grote Donates Three GAAS Scholarships
To show its continued commitment to education and training, Grote Industries, a designer and manufacturer of vehicle safety systems, said it will donate three scholarships to the Global Automotive Aftermarket Symposium (GAAS) in the spring of 2005. The scholarships will go to vo-tech students who wish to pursue careers in the automotive and heavy-duty truck aftermarket.
2005 North American International Auto Show Economic Impact Reaches $580 Million
The 2005 North American International Auto Show (NAIAS) is expected to have a $580 million impact on the Metro Detroit economy, according to David Sowerby, C.F.A., portfolio manager and chief market analyst at Loomis Sayles & Co. Sowerby said this projection would represent a 5 percent gain from last year’s estimated levels.
Siemens VDO Names New VP of Sales and Marketing for Service and Special Solutions Division
Siemens VDO has promoted Sean Stanic to vice president, sales and marketing for its Service & Special Solutions group. In this new role, Stanic will be responsible for the overall management of the sales, marketing, engineering services and tech support departments for the Service & Special Solutions group based in Allentown, Pa. All sales managers, department heads and personnel will report to him.
Matthias Benz Named VP and CFO of ZF Group North American Operations; Also Appointed VP and CFO of ZF Sachs Automotive
ZF — a supplier of driveline and chassis technology — has appointed Matthias Benz to the positions of vice president and CFO of ZF Group North American Operations (NAO). He has also been appointed vice president and CFO of ZF Sachs Automotive.
Hayes Lemmerz’ International Names VP of Wheel Group’s Cast Aluminum Operations
Hayes Lemmerz International has moved Marc Hendrickx to the position of vice president of the Aluminum Operations for the company’s International Wheel Group, effective January 1, 2005. He was previously vice president of sales and marketing for the International Wheel Group. Hayes Lemmerz International has moved Marc Hendrickx to the position of vice president of the Aluminum Operations for the company’s International Wheel Group, effective January 1, 2005. He was previously vice president of sales and marketing for the International Wheel Group.
Goodyear Names Assistant Treasurer
Goodyear Tire & Rubber has named Damon Audia, a former Delphi executive, as its new assistant treasurer, capital markets. While at Delphi, Audia served in a variety of treasury and financial roles. He had been with the company since 1998. In his new position, Audia will have responsibility for all financing transactions for Goodyear globally.
GM, DCX Join Forces To Make Hybrid Engines
General Motors Corp. and DaimlerChrysler AG are teaming up to develop fuel-saving hybrid engines in hopes of cashing in on an expanding market already dominated by hybrid leaders Toyota Motor Corp. and Honda Motor Co. Financial terms of the agreement between GM, the world’s largest automaker, and its German-American rival weren’t disclosed Monday, but Tom Stephens, GM’s group vice president for powertrains, said the collaboration likely will involve an investment of hundreds of millions of dollars.