Visteon to Offer Salaried Staff Up to a Year’s Pay
Visteon Corp. offered white-collar employees up to a year’s salary if they accepted a voluntary buyout and left the financially struggling auto supplier. In an e-mail to 8,300 salaried employees Monday, the Van Buren Township, Mich., company explained its latest effort to cut costs by eliminating an unspecified number of jobs. Workers who quit will receive 1 1/2 weeks of their base salary for each year of service. The minimum payment would be 12 weeks and the maximum payment 52 weeks.
Snap-on Announces Resignation of CEO
Snap-on yesterday announced the resignation of its chairman, president and CEO Dale Elliott, effective immediately. The company’s board of directors has elected Jack Michaels, recently retired chairman and CEO of HNI Corp., to fill the position. Michaels has been a Snap-on director since 1998. When asked, the company declined to provide a specific reason for Elliot’s resignation, however, Richard Secor, a spokesperson for Snap-on, said the resignation was not about a change in strategy, but rather about stepping up the pace of growth. Elliot was with Snap-on for nine years.
ArvinMeritor Charge Contributes to Loss; Supplier is in Midst of Selling Off Assets
Auto-parts supplier ArvinMeritor Inc. posted a loss in the latest quarter, due mainly to a charge for the planned sale of its aftermarket parts business. For the fiscal fourth quarter ended Sept. 30, the Troy-based company reported Monday a net loss of $153 million, or $2.23 a share. That compares with last year’s net income of $34 million, or 50 cents a share.
WIX Filters Launches New Marketing Campaign
At the recent AAPEX Show in Las Vegas, WIX Filters gave automotive products distributors and trade press a sneak preview of the company’s new marketing campaign, which will launch in 2005. The new brand campaign was introduced as part of a company update that included information from WIX leadership about several recent developments, including Cypress Group’s recent acquisition of the Dana Automotive Aftermarket Group, of which WIX is part.
Ford Sells Jaguar Racing to Red Bull; Cosworth Engines Also Sold
Ford Motor Co. said it has sold Cosworth, its motorsport technology engineering company and supplier of Formula One engines, and Jaguar Racing Ltd, its Formula One team. The terms of each sale were not disclosed. Cosworth’s new owners are Kevin Kalkhoven and Gerald Forsythe, co-owners of the Champ Car World Series and heads of the PKV and Forsythe Championship Racing Champ Car teams respectively. Jaguar Racing has been purchased by Red Bull, the Austrian energy drink company.
ATP President Dick Wolff Dies
Richard “Dick” Wolff, the President of ATP-Inc., died suddenly on Nov. 14. Wolff was one of the founders of Automatic Transmission Parts, Inc. which was formed in 1955. Wolff was active in many industry organizations. He was very active in Project TEAM, an organization which helped educate young people for a career as automotive technicians. He was also involved in many community organizations and formerly sat on the board of a major bank in the Chicagoland area.
Chinese Officials to Discuss Ways to Combat Counterfeiting, IPO Violations at Automotive Suppliers Brand Protection Council Meeting
Representatives from China will discuss their country’s efforts to combat counterfeiting of U.S. automotive products and intellectual property rights (IPO) violations as well as the procedures to take action against them at the Brand Protection Council’s meeting, which takes place on Thursday, Jan. 20, 2005, at the Hyatt Regency, Dearborn, Mich.
AWDA Announces New Officers, Incoming and Outgoing Board Members
Fletcher Lord, Jr., AAP, president and CEO, Parts Warehouse, Inc. has been elected 2005 chairman of the board for the Automotive Warehouse Distributors Association (AWDA). Lord follows Richard Beirne (2004) and Ron Levene (2003) as AWDA chairmen. Joining Lord in the segment’s top leadership positions are vice chairman Doug Washbish, president, Moog Louisville Warehouse; secretary Tim Sturdevant, AAP, vice president and COO, S.A.E. Warehouse; and Timothy Lee, AAP, chairman, L-C Enterprises.
KYB Expands Sales Force Throughout North America
In response to what it describes as a dramatic increase in sales, KYB has announced that it is expanding its sales force throughout North America. By the end of this year, 10 new salespeople will be in place with an additional seven salespeople to be added in early 2005, according to Mike Howarth, KYB senior vice president.
Metal-Stamping Plants that Supply Auto Parts Face Bleak Future, Experts Warn
Up to half of the U.S. metal stamping plants that supply parts for the automobile industry could be out of business in six years, an industry attorney and trade group warned Thursday.
Champion Parts Reports Continued Third Quarter Profitability Despite Lower Seasonal Sales Demand
Champion Parts, Inc., a remanufacturer of underhood automotive parts, has announced net income of $21,000, or 1 cent per share, for the third quarter, which ended on Sept. 26, compared to $12,000, or no cents per share for the same period in 2003. Net sales were $4,578,000, compared to $5,000,000 in 2003.
Bosch Named 2004 Vendor of the Year by Strauss Discount Auto
Robert Bosch Corp. has been named 2004 Vendor of the Year by Strauss Discount Auto. Strauss presented the award to Bosch on Oct. 5 at its Fall Tune-up Managers’ Conference.