Venture Owner Winget Resigns from Board
Macomb County businessman Larry Winget, cofounder and majority owner of bankrupt auto supplier Venture Corp., has resigned from the board amid a lawsuit that alleges he and his family siphoned millions of dollars from the company. Winget’s son and son-in-law, executives with the struggling auto-plastics firm, have been placed on paid leaves of absence.
KYB America Named Federated Auto Parts “Outstanding Vendor of the Year”
KYB America LLC has been named “Outstanding Vendor of the Year” by Federated Auto Parts. The announcement was made by Federated Chairman Bo Fisher on May 14 at Federated’s annual meeting held in Salt Lake City. The Federated “Outstanding Vendor-of-the-Year” award is presented annually to the supplier who provides the best overall service to the Federated membership.
Thomson Delmar Learning to Distribute CDX Global Products
Educational resources provider Thomson Delmar Learning has signed a distribution agreement with CDX Global, a provider of comprehensive automotive training programs based in Brisbane, Australia. Under the new agreement, Thomson Delmar Learning will become exclusive distributor for the CDX product line in 21 states.
AFL Automotive to Restructure Mexican Operations
Alcoa is reorganizing its Alcoa Fujikura Ltd. (AFL) Automotive operations in Piedras Negras and Torreon, Coahuila, Mexico. The operations of AFL Automotive in Mexico employ approximately 24,000 associates (4,464 in Piedras Negras and 4,139 in Torreon), and produce, and distribute electrical distribution systems and other products for the North American light and heavy vehicle markets.
Filter Manufacturers Council Honored as ‘Recycler of the Year’
The Filter Manufacturers Council (FMC) was honored with a “Recycler of the Year” award by the Steel Manufacturers Association (SMA), at the association’s Annual Members Conference Luncheon on May 12 in Washington, D.C. The Filter Manufacturers Council (FMC) was honored with a “Recycler of the Year” award by the Steel Manufacturers Association (SMA), at the association’s Annual Members Conference Luncheon on May 12 in Washington, D.C.
Prolong International Reports First Quarter 2004 Results
Prolong International Corp., parent of Prolong Super Lubricants, Inc., manufacturer and marketer of patented consumer automotive, commercial/industrial and household products, has announced financial results for the first quarter, which ended on March 31.
IBM: China’s Auto Suppliers Could Face Bumpy Road
China is the world’s fastest growing automotive market, but a new study suggests the auto suppliers fueling that expansion may be growing too fast. In fact, says the report, there could be over capacity and a resulting shakeout in the supplier market within five years.
Centrix Financial Wants to Increase Presence in Auto Racing
Denver-based Centrix Financial is expanding its commitment to auto racing for the 2004 season. In addition to sponsoring the Grand Prix of Denver for the second year, the financial services firm is also sponsoring car number 17, a Honda G-Force driven by Victor Meira of the Rahal/Letterman team, in this May’s Indy 500 race.
Alcan Plans to Split in Two
Alcan Inc. on Tuesday announced plans to split in two. Alcan intends to spin off essentially all of its aluminum rolled products businesses into a separate, as-yet unnamed independent company. The new company would produce beverage can, automotive sheet and other flat products.
IPOWER Dash Series Event to be Sponsored by zMax
This year marks the 29th anniversary of the IPOWER (International Participants Of Winning Edge Racing) Dash Series, which was acquired from NASCAR in 2003. Now, the IPOWERacing organization plans to market to a new generation of motorsports enthusiasts catering to the 14 to 34 demographic who are looking for fast, competitive, cutting-edge racing. On Saturday, May 22nd, IPOWER is partnering with zMAX Micro-lubricant as the event sponsor for the zMAX Dash, a 75-mile sprint race prior to the NEXTEL All-Star Challenge at Lowe’s Motor Speedway in Charlotte, NC.
Modine Named One of the 100 Best Corporate Citizens for Fifth Year in a Row
For the fifth year in a row, Modine Manufacturing has been named one of the 100 Best Corporate Citizens for 2004 by Business Ethics magazine. Modine finished 32nd overall, the same ranking as last year, ahead of such companies as Delphi, Eastman Kodak, Fed Ex and PepsiCo, Inc.
Tenneco Withdraws Bonds
Tenneco Automotive canceled its planned sale of $420 million of high-yield, high-risk notes Thursday, joining Revlon Inc., Samsonite Corp. and others in pulling new bond issues as borrowing costs soar.