Intermet Warning Triggers Sell-Off, Bankruptcy is a Threat, Says Analyst
Add one more name to the list of struggling Detroit-area auto suppliers. Troy, Mich.-based Intermet Corp., a maker of metal brake and suspension parts, has warned Wall Street that it will lose tens of millions of dollars this quarter and needs a new credit agreement from its banks to avoid bankruptcy. Intermet blamed higher-than-expected steel costs and unspecified “operational problems” at some North American plants for its financial predicament.
AASA Names New Member Services Manager
Theresa Spera has joined the Automotive Aftermarket Suppliers Association (AASA) as its new member services manager. Spera comes to AASA from The Exceleration Group in Cary, N.C., a business consulting and market analysis organization, where she served as manager of marketing and client services.
Freudenberg-NOK Named One of America’s Safest Companies
Freudenberg-NOK was recently named one of “America’s Safest Companies” by Occupational Hazards magazine. The company will be profiled in the October issue of the magazine.
Lund International Names Director of Brand Management
Automotive accessories manufacturer Lund International has named Matthew Sturdevant as the company’s new director of brand management. Working within the company’s sales and marketing department, Sturdevant will be responsible for objectives, strategies and development of all products under the Lund and AVS brands.
GCR Tire Centers Earns ISO 9001:2000 Quality Certification
The retreading facility of GCR Tire Centers, located in Clearwater, Fla. has achieved ISO 9001:2000 certification. It is GCR Tire’s first retreading facility to receive the quality designation.
Women’s Board to Present First Aftermarket Woman of the Year Award
The Car Care Council Women’s Board will be announcing the very first Aftermarket Woman of the Year during the 2004 Women’s Board reception, taking place on Tuesday, Nov. 2, at 5 p.m. in rooms 106 and 107 at the Sands Expo Center during the Automotive Aftermarket Products Expo (AAPEX) in Las Vegas, Nev. The recipient of the Aftermarket Woman of the Year was chosen by the Women’s Board Executive Board based on her longevity in the aftermarket, her career accomplishments, her leadership capabilities and dedication to the automotive aftermarket industry.
Learn How to Inspire Sales and Management Staff at University Forum
This year at University Forum, popular motorsports anchor Rick Benjamin and Tom Easton, AAP, a senior partner with Essential Action Design Group, will use lessons from racing to show you how to inspire managers and sales people to do their best. The University of the Aftermarket’s annual University Forum can help you stay competitive, and keep pace with our ever-changing market. The event takes place on Sunday, Oct. 31 prior to the kickoff of AAPEX 2004. This afternoon session is designed for those industry professionals who feel that their skills and talents are being stretched too thin. Easton will add his training philosophy that “learning should be fun” to Benjamin’s belief that there are parallels between news teams and race teams. The two will discuss how to stretch goals “collaboratively.”
Parts Vendors’ Shares Gain in Wake of Cooper Tire Deal
Shares in auto-parts suppliers got a boost Friday from a billion-dollar deal in which two private-equity firms are carving off the parts business of Cooper Tire & Rubber Co. Cypress Group and Goldman Sachs Capital Partners have agreed to buy Cooper-Standard Automotive, a unit of Findlay, Ohio-based Cooper Tire, for $1.165 billion. Goldman Sachs Capital Partners is a private-equity investment arm of Goldman Sachs Group.
Texas Insurer-Owned Repair Shop Lawsuit Begins Today
The Allstate v. Abbott trial on Texas’ new Insurer-Owned Repair shop law is scheduled to begin this Monday, September 20, at the U.S. District Court for the Northern District of Texas, Dallas Division. On June 20, 2003, Texas Gov. Rick Perry signed into law Texas House Bill 1131, the Insurer-Owned Repair Facility Legislation. Earlier in the year, the Texas Senate passed the legislation by a unanimous vote of 31 to 0.
Johnson Controls Threatens Layoffs If No New Business
Auto supplier Johnson Controls Inc. is seeking new business to prevent layoffs and avert a possible plant closure. Unless the situation changes soon, 81 people would be laid off Nov. 15, when the Battle Creek, Mich., plant goes from two shifts to one. The remaining 100 employees could lose their jobs by the end of the year if no new business is found.
ContiTech and Litens Win 2004 Automechanika Innovation Award
ContiTech Power Transmission Group and the Litens Automotive Group of Canada recently received the Automechanika Innovation Award for 2004 for a joint project the two companies worked on to improve the service life of camshaft drives. Automechanika, held every two years in Frankfurt, Germany, is Europe’s largest auto show and attracts exhibitors and participants from all over the world. This year’s event was held September 14-19. Industry judges selected six new developments from 105 innovations submitted from 12 countries.
Bosch Names Mike Eversole as Category Manager, National Accounts
Robert Bosch Corp. recently named Michael Eversole as its new category manager, National Accounts. As head of the Category Management Department, Eversole will be responsible for defining category strategies with Bosch customers to increase sales and profitability of Bosch products and the whole category.