aftermarketNews Staff
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China’s First Automotive Financial Company is Approved

The joint venture automotive financial company between General Motors Acceptance Corp. (GMAC) and SAIC Finance Co. has been formally approved by the China Banking Regulatory Commission. The Shanghai-headquartered joint venture will see registered capital of approximately $60 million (CNY500 million), and will mainly provide joint ventures of the Shanghai Automotive Industry Group (SAIC), parent of SAIC Finance Co., and General Motors, with wholesale and retail credit services.

Metaldyne Names Tom Chambers President of Engine Group

Metaldyne Corp. has announced that Tom Chambers has joined the company as president of its Engine Group. He replaces George Thanopoulos who resigned to pursue other opportunities. Prior to this appointment, Chambers has held a variety of positions in the automotive industry. Most recently, he served as president of Piston Automotive.

CARQUEST Selects 2004 TECH-NET Professional/ASE Technician of the Year

Richard Robb of Elkhorn, Wis., has been named the 2004 TECH-NET Professional / ASE Technician of the Year. Owner of Hi-Tech Automotive, he is an ASE certified master automobile technician with L-1 certification. Robb was selected for the award after meeting the criteria set by CARQUEST and excelling on the Spring 2004 ASE automobile certification exams. Robb became an automotive technician in 1975. He started Hi-Tech Automotive 12 years ago and today his business has four bays.

Lear Opens New Plant at Ford’s Chicago Manufacturing Campus

Lear Corp. has opened a new plant at Ford Motor Co.’s Chicago Manufacturing Campus. The facility supplies headliners and distributes package trays for the Ford Five Hundred sedan, Ford Freestyle all-purpose vehicle and Mercury Montego sedan. Lear invested nearly $4 million to build the 53,760-square-foot facility, which employs 70 people. The facility is located one-half mile from Ford’s Chicago Assembly Plant where the all-new models are built.

Bridgestone Announces First Half Results

Bridgestone Corp., parent company of Bridgestone Americas Holding (BAH) Inc. announced consolidated financial results for the six-month period ending June 30. The company reported consolidated net sales of $10.64 billion and net income of $482 million.

Bendix-Dana Joint Venture Completes Management Team Selection

Completing its leadership team selection, Bendix Spicer Foundation Brake LLC, a new joint venture between Bendix Commercial Vehicle Systems LLC and Dana Corp., announced the appointment of Bill Mossing as assistant general manager. Mossing will join Kishor Pendse, president of the new business.

Beck/Arnley Launches its New MultiView CD

Beck/Arnley has launched its new MultiView synchronized Web strategy CD, which is designed to allows customers access to Beck/Arnley’s most up-to-date catalog database. Changes to the catalog content can be easily downloaded via the Internet.

United Components Reports Second Quarter Results

United Components, Inc. announced revenues of $274 million for the quarter, which ended on June 30. The company said sales increased 13.1 percent over the year-ago quarter, with volume increases in all market channels. Net income for the quarter was $10.2 million. For the second quarter of 2003, a net loss of $3.5 million was reported.

Stanadyne Corp. Sold to Private Merchant Banking Firm

American Industrial Partners, parent company of Stanadyne Corp., has sold its stock in the company to an affiliate of Kohlberg & Co., a private merchant banking firm. The company’s stock was sold for approximately $330 million.

East Penn Scores 100 Percent in Freightliner’s Masters of Quality Award

East Penn Manufacturing Co., was recently presented the Masters of Quality Supplier award given by Freightliner Corp. of Portland, Ore. East Penn manufactures lead-acid batteries and accessories for the commercial, automotive, marine, telecommunications, industrial and stationary markets.

IRS Lets Small Business Taxpayers Expense Up to $100,000 of Software, Other Property

The Internal Revenue Service (IRS) issued proposed (REG-152549-03) and final and temporary regulations (T.D. 9146) that generally let small business taxpayers elect to deduct up to $100,000 of certain tangible property and computer software. The election applies to qualifying property purchased and placed in service in a taxable year beginning after 2002 and before 2006, reflecting changes made by the Jobs and Growth Tax Relief Reconciliation Act of 2003, the Treasury Department said in a news release.

Executive Interview with Terry Shively, Vice President and General Manager, Clevite Engine Parts, Dana Corp.’s Engine and Fluid Management Group

Our latest edition of “Executive Interview” features Terry Shively, vice president and general manager of Clevite Engine Parts, Dana Corp.’s Engine and Fluid Management Group. Shively is responsible for the marketing, sales and distribution of Dana Corporation’s Clevite Engine Parts division products. With 11 locations across the U.S., Clevite supplies Victor Reinz gaskets, Clevite 77 engine bearings and Perfect Circle piston rings to the distributor and production engine rebuilder markets.