Drivers Hope Rule Changes Make Indy 500 More Competitive
Don’t be alarmed to see cars going slower around Indianapolis Motor Speedway this month. It’s intentional, and depending on which driver is talking, not necessarily a bad thing.
Modine Reports Growth in Sales and Earnings for the Fourth Quarter
Modine Manufacturing Co. has reported stronger financial results for the fourth quarter and fiscal year, which ended on March 31. Sales for the fourth quarter increased 18 percent to $321 million from $272.6 million for the same period one year ago. This is the second consecutive quarter the company has achieved record sales.
SAE to Honor Delphi’s Battenberg
The Society of Automotive Engineers (SAE) Foundation will honor Delphi Chairman, President and CEO J.T. Battenberg III with the Manufacturing Leadership Award at a dinner at Ford Field on Wednesday, May 12. The theme of the 2004 banquet is “Manufacturing Leadership for the Future: Celebrating the Year of the Supplier.” More than 20 automotive supplier companies will be recognized for innovative achievements across multiple categories.
MEMA Holds First Automotive Suppliers’ Legislative and Public Policy Summit
Automotive suppliers, members of Congress and federal agency heads met to discuss automotive safety, energy and the environment, international trade and soaring health care and pension costs during the “MEMA Legislative and Public Policy Summit: Advancing American Manufacturing,” held May 5-6 in Washington, D.C.
Hankook Raises Prices By 3 Percent
Hankook Tire America Corp. has announced plans to raise prices on its full line of passenger, high performance, light truck and medium truck tires by 3 percent, effective July 1.
Aftermarket Companies Make USA Today’s List of Most Overpaid/Underpaid Executive Teams
USA Today recently published an independent study identifying the most underpaid and overpaid executive teams leading public companies in 2003. Among these companies were a number of names you may recognize as major players in the automotive aftermarket.
Keith Kreft Awarded ETI Founder’s Award
Keith Kreft of Cupertino, Calif., was presented the Equipment and Tool Institute (ETI) Founder’s Award at the association’s recent board meeting. The Founder’s Award honors individuals who have demonstrated outstanding commitment and support of the Institute. It is ETI’s highest honor. Kreft is the 14th recipient of the award since it was established in 1985.
Modine Receives Award of Excellence
Modine Manufacturing has won the 2004 Award of Excellence for outstanding safety from the Tennessee Department of Labor & Workforce Development. Modine was presented the award for its Lawrenceburg, Tenn., facility. In July, Tennessee Labor Commissioner James Neeley will present the award at the Tennessee Safety Congress in Nashville.
Speedway Motorsports’ First Quarter Results Exceed Market Expectations
Speedway Motorsports has reported revenues of $122.2 million, net income of $24.7 million and diluted earnings per share of 57 cents for the first quarter of 2004. The results exceeded market expectations, Speedway said.
DENSO Awards Michigan Students $30,000 in Scholarships
DENSO International America, the North American headquarters of DENSO Corp., has awarded 24 students in Oakland County, Mich., a total of $30,000 in academic scholarships through the DENSO Oakland Schools Education Foundation (DOSEF). DENSO International America, the North American headquarters of DENSO Corp., has awarded 24 students in Oakland County, Mich., a total of $30,000 in academic scholarships through the DENSO Oakland Schools Education Foundation (DOSEF).
Delphi Steering Names New Finance Director
Delphi Corp. has named David Knill the new finance director for Delphi Steering, headquartered in Saginaw, Mich. In this new assignment, Knill joins the division’s executive staff and reports to Robert Remenar, Delphi vice president and president of Delphi Steering.Knill succeeds Doug Gruber, who was recently named business line executive for electrical/electronic distribution systems at Delphi Packard.
TRW Reports Net Income Plunges 96 Percent
TRW Automotive Holdings Corp. said first-quarter net income fell 96 percent as the company posted $47 million in debt-repayment costs. The Livonia-based company, which counts seat belts, air bags, and brakes among its products, said it posted net income for the latest quarter of $2 million, or 2 cents a share.