Visteon Appoints Anjan Chatterjee as Acting CFO
Visteon has appointed Anjan Chatterjee as acting chief financial officer, effective today, April 1. Chatterjee will serve as an interim replacement for Daniel Coulson, who retired on March 31, after 38 years at Visteon and Ford Motor Co.
Dana Today Celebrates 100 Years in Business
Today, Dana Corp. celebrates 100 years in business with its founding on April 1, 1904. On that day, an engineer named Clarence Spicer began producing his encased universal joint, which effectively replaced the sprocket-and-chain power transmission of the day.
Champion Parts Reports Fourth Quarter and Higher Year-End Profits
Champion Parts, Inc., remanufacturer of automotive parts, reported continued profitability for the fourth quarter, and higher profits for the year, which ended Dec. 31, 2003. Champion Parts, Inc., remanufacturer of automotive parts, reported continued profitability for the fourth quarter, and higher profits for the year, which ended Dec. 31, 2003.
Universal Automotive Reports Results for 2003 Year, Fourth Quarter
Universal Automotive Industries has reported financial results for its fourth quarter and year, which ended Dec. 31, 2003. The company said it is making progress integrating the assets it acquired from TRW Automotive, Inc. in January 2004, which effectively doubled Universal’s size.
Tenneco Automotive Launches New Line of DuPont Teflon Car Care Products
Tenneco Automotive has unveiled a new line of DuPont Teflon car care products. The new line is being manufactured and marketed by Tenneco Automotive through a strategic product alliance with DuPont. According to Michael Kullman, director of DuPont corporate marketing, DuPont Teflon car care products carry one of the world’s strongest consumer brands while delivering what consumers are looking for in car care products — a clean and shine that really lasts, combined with non-stick protection for their car finishes.
Sears Exiting Auto Service
Sears Canada is leaving the vehicle service business, in a move that affects about 775 employees as the retailer licenses three other companies to operate at 36 of its 49 auto centers. The rest of the service centers will be closed or converted to non-automotive purposes, the company announced yesterday.
Bills Support Federal-Mogul Factories
Legislation aimed at keeping Federal-Mogul Corp. factories open in St. Johns and Greenville passed the Michigan Senate. The bills, both passed unanimously, would allow the Southfield-based company to get state tax credits. In exchange, Federal-Mogul would have to keep at least 150 workers at each of the factories and 1,000 workers statewide.
Timken Raises Earnings Outlook
Canton, Ohio-based Timken has increased earnings expectations for the first quarter and full year based on an improvement in company operations. The company expects earnings per diluted share of 25 cents to 30 cents for the first quarter of 2004 and $1 to $1.10 for the year, excluding special items. The company’s previous estimates were 15 cents to 20 cents per diluted share for the first quarter and 85 cents to $1 for the year, excluding special items.
Source Direct Signs to Distribute Automotive Cleaning Products to Ace Hardware
Source Direct Holdings, a manufacturer of private label automotive and consumer household cleaning products, has signed an exclusive agreement with Marden, Inc. for the distribution of all Source Direct product lines to Ace Hardware Corp., one of the leading hardware cooperatives in the U.S. Ace Hardware distributes to its retailers from more than 20 wholesale warehouses.
American Tire Distributors Announces 2003 Results
American Tire Distributors has reported its operating results for the fiscal year, which ended Dec. 27, 2003. Consolidated net sales from continuing operations for fiscal 2003 improved 4.9 percent or $52.1 million to $1,112.5 million versus $1,060.4 million in fiscal 2002. The company’s fiscal 2003 pre-tax income was $27.2 million compared to $62.7 million for fiscal 2002. Excluding the fiscal 2002 gain on repurchase of Series D Senior Notes, fiscal 2003 pre-tax income increased $14.2 million from fiscal 2002.
AWDA Names Larry Northup to Direct Segment at AAIA
The Automotive Warehouse Distributors Association (AWDA) has appointed Larry Northup to direct its day-to-day operations, as a segment of the Automotive Aftermarket Industry Association (AAIA). AWDA joined forces with AAIA in January 2004. Northup, who currently serves as senior director of segment management at AAIA, immediately assumes the role of AWDA liaison. Working closely with the AWDA volunteer leadership and AAIA’s professional staff, he will be responsible for coordinating the segment’s membership marketing and recruitment activities, meetings and conferences, including the annual one-on-one meetings, government relations and communications.
ASAAA Announces Its Support for Right to Repair Act
The Alliance of State Automotive Aftermarket Associations (ASAAA) has issued a statement announcing its support for HR 2735, The Motor Vehicle Owners Right to Repair Act. Aftermarket associations throughout the U.S. that are represented by ASAAA, were unanimous in their support of the bill, said ASAAA.