Delphi is Subject of SEC Probe
Delphi Corp., the world’s largest auto-parts maker, said it has become the target of a Securities and Exchange Commission (SEC) investigation into how the company accounted for $90 million in information-technology contracts, mostly via deals with the computer-services firm Electronic Data Systems Corp. The investigation of Delphi is the first known SEC probe of a major auto-related company in recent years.
BFGoodrich Tires Announces Recall
BFGoodrich Tires is recalling 46,000 passenger and light truck tires today, after its quality system alerted the company to a condition initially affecting ride quality, but which could possibly result in steel belt separation.
Motorsports Leaders to Share the Stage at SAE Motorsports Engineering Conference and Expo
Tony George, president and CEO of the Indianapolis Motor Speedway and Indy Racing League, will be one of five worldwide motorsports leaders featured on a business panel during the Society of Automotive Engineers (SAE) Motorsports Engineering Conference and Exhibition on Nov. 30 at the Hyatt Regency hotel in Dearborn, Mich. Joining George will be FIA President Max Mosley, NASCAR President Mike Helton, NHRA President Tom Compton and SCCA President Steve Johnson. It is believed this is the first time that the heads of these leading sanctioning bodies will appear together in a panel discussion.
KYB Names Ray Proulx National Sales Manager for Canada
Ray Proulx has been named KYB America’s national sales manager for Canada. KYB America is a wholly-owned subsidiary of Kayaba Industry Co. Proulx has more than 20 years experience in the Canadian automotive aftermarket working in senior management positions in sales and marketing with several of the major aftermarket companies in Canada.
Magna Completes Its Acquisition of New Venture Gear
Magna International has completed its acquisition of DaimlerChrysler Corp.’s wholly-owned subsidiary, New Venture Gear, Inc. (NVG). The acquisition involves the creation of a new joint venture, which will be called New Process Gear, Inc. New Process Gear, which operates a manufacturing facility in Syracuse, NY, will initially be owned 80 percent by Magna and 20 percent by DaimlerChrysler. Magna will acquire DaimlerChrysler’s interest in New Process Gear, in September 2007.
Lear Names New Vice President, Sales and Marketing
Automotive interior systems supplier, Lear Corp. has appointed Dave Mullin to serve as the company’s new vice president, sales and marketing, effective immediately. Mullin will report to Lear Chairman and CEO, Bob Rossiter.
Precision Auto Care Announces FY 04 Year End Results
Precision Auto Care announced its financial results for the fiscal year ending June 30. Revenues were $11.8 million and profits were $1.6 million, or 7 cents per share, compared with a profit of $10.9 million, or 72 cents per share, on revenues of $11.9 million for the prior year. For the quarter ending June 30, the company earned a profit of $726 thousand, or 3 cents per share on revenues of $3 million, compared to a profit of $2 million or 11 cents per share on revenues of $3.1 million for the comparable quarter in 2003.
USWA Files Suit to Enjoin the Sale of Four Cooper Tire Plants
The United Steelworkers of America (USWA), in a release issued on Sept. 28, announced that it has filed suit to enjoin the sale by Cooper Tire & Rubber Co. of four union-represented plants in the Cooper-Standard Automotive Division, pending “expedited arbitration of a major, sale-related dispute.”
MEMA President Testifies: ‘China Not Meeting WTO Commitments’
Intellectual property rights protection, the China Automotive Industry Development Policy and China’s export controls on metallurgical coke were three of the main themes that interim MEMA President Scott Meyer testified on before U.S. trade representatives and officials from the departments of Labor, Commerce and other U.S. government agencies, during a hearing on China’s compliance with World Trade Organization (WTO) rules. Meyer testified that MEMA believes China is not meeting its WTO commitments with respect to intellectual property rights protection in the automotive parts and components sector. “China is the primary global source of counterfeiting in our industry,” he said. “Counterfeit parts are widely sold throughout China and are shipped from China to the U.S and around the world.”
Core Molding Technologies Acquires Assets of Keystone Restyling Products
Core Molding Technologies has acquired substantially all the operating assets of Toledo, Ohio-based Keystone Restyling Products, a privately held manufacturer and distributor of fiberglass reinforced products for the automotive aftermarket. Keystone designs, manufactures and markets a variety of custom light truck aftermarket accessories, including: hoods, spoilers, air dams, bumper covers and roll pans.
Education Abundant at SEMA Show 2004
SEMA, the Specialty Equipment Market Association, has announced it will offer a full schedule of educational and technical seminars to SEMA Show attendees, beginning on Monday, Nov. 1 (Education Day) through Nov. 5. SEMA’s educational programs will run in conjunction with the annual SEMA Show at the Las Vegas Convention Center.
Transpro Appoints BDO Seidman, LLP as Auditors
The audit committee of Transpro’s board of directors has appointed the accounting firm BDO Seidman, LLP to serve as the company’s independent registered public accounting firm for the year ending Dec. 31. BDO Seidman, LLP, which replaces PricewaterhouseCoopers LLP, will begin its engagement with a review of the financial results for the three and nine month periods ending Sept. 30.