AutoPartSource and New World Friction Complete Financing Plan
AutoPartSource and New World Friction, wholly owned subsidiaries of MomentumUSA, have secured a $3.6 million line of operating financing in conjunction with the April acquisition of certain operating assets of Qualitee International and Novatek Manufacturing. Together with the $1.6 million of initial financing, the companies now have a combined capitalization of more than $5.2 million.
K-Line Industries Names Aftermarket Sales and Business Development Manager
Holland, Mich.-based K-Line Industries, a manufacturer of specialty tooling and supplies for engine remanufacturers, has named Tom DeBlasis as its new aftermarket sales and business development manager. In addition, the company has restructured its export division and announced a number of new appointments.
NAPA Returns to NASCAR NEXTEL Cup Series in 2005
NAPA Auto Parts has announced it will continue its sponsorship of the No. 15 Dale Earnhardt, Inc. (DEI) Chevrolet Monte Carlo for the 2005 NASCAR NEXTEL CUP season. Two-time Daytona 500 champion Michael Waltrip is piloting the NAPA Chevy in 2005. Waltrip carries the NAPA shield for the fifth consecutive year in NASCAR’s premier series.
TI Automotive Adds Three to Management Ranks
TI Automotive has appointed three executives to key management positions. Rick Hein has become global commercial and IT director for TI Automotive’s fluid carry systems group, a newly created position, in Warren, Mich. Previously, he was responsible for the division’s quality and IT strategy. Rick will continue to report directly to Rich Kolpasky, president of global fluid carrying systems.
Intermet Names Timothy Gilliland Vice President, Light Metals
Intermet Corp., a leading manufacturer of cast-metal automotive components, has named Timothy Gilliland to the position of vice president, light metals. Gilliland joined Intermet in October of last year as general manager of the Racine, Wis., casting and machining operations. Based at the company’s headquarters in Troy, Mich., Gilliland will also serve as a member of the company’s corporate operating committee.
Corteco Names Musgrave as President
Corteco has appointed Thomas Musgrave as its new president. Corteco is the aftermarket business of Plymouth, Mich.-based Freudenberg- NOK, a joint venture between Freudenberg & Co. of Germany and NOK Corp. of Japan. As of July 12, Musgrave replaced Phil Damaska, who has left the company. A reason for Damaska’s departure was not provided by the company.
Aftermarket Foundation Seeks Donations
Once a year, The Aftermarket Foundation sends out a letter to members of the aftermarket industry asking for help. While many in the industry are involved in a number of various philanthropic organizations, The Aftermarket Foundation is the only charity devoted specifically to the needs of those who work in the aftermarket. Known for being one of the industry’s best kept secrets, The Aftermarket Foundation has been offering financial assistance to families and individuals from the aftermarket for 56 years.
Leadership for Change — Staying the Course: Commitment to Change
For change leaders at all levels, nothing is more important than staying the course — showing clear and continuing public commitment to the change initiative under way. One of the most common situations we see is the failure of senior executives to personally stick close to key initiatives they’ve started. Many executives see their role as generating ideas and setting goals and direction. Once an initiative is launched, it becomes someone else’s responsibility to see it through to conclusion. The executive moves on to something new, which may very well be defining and launching yet another initiative. In some organizations this results in an ongoing cascade of terrific improvement ideas, many of which are never completed.
DST Asks: How Do you Make Strategic Business Decisions
There are almost as many sources of reference for making strategic business decisions as there are choices for planning and securing your future. Our respondents to last week’s question were in agreement that it takes collaborative efforts to design and implement a corporate roadmap, including internal management, consultants, observing and copying competitors’ strategies, industry journals and publications and technology supplier partnerships.
Timken Acquires Technical Services Group
As part of the company’s strategy to expand its range of friction management products and services, Canton, Ohio-based Timken Co. has acquired the assets of SES Technical Group, a division of SES, LLC. The SES Technical Group, located in Richfield, Ohio, specializes in vibration analysis, infrared thermography, continuous monitoring systems, wear particle analysis and 24-hour emergency service.
Hella North America Names New President and CEO – NAFTA Aftermarket
Wolfgang Benz has been named president and CEO – NAFTA Aftermarket for Hella North America. In this new role, Benz will direct Hella’s North American aftermarket business. Benz joined Hella KG in 1995 as managing director of Hella Aftermarket Operations for the U.K. and Ireland. His automotive career began in 1967 at Robert Bosch GmbH in Stuttgart- Schillerhoehe, Germany, where he served as a sales manager and later export product manager.
ACC Fall 2004 Conference Early-Bird Registration Deadline Ends August 13
The early bird deadline to register for the Automotive Communications Council (ACC) Fall 2004 Conference ends August 13. The 2004 ACC Fall Conference is scheduled to take place on Sept. 12 -13 at the Renaissance Hotel in Chicago. The early bird deadline to register for the Automotive Communications Council (ACC) Fall 2004 Conference ends August 13. The 2004 ACC Fall Conference is scheduled to take place on Sept. 12 -13 at the Renaissance Hotel in Chicago.