Right to Repair Cosponsors Continue to Grow
The momentum keeps growing behind the Motor Vehicle Owners’ Right to Repair Act HR 2735. This week, Rep. Shelley Berkley (D-Nev.), added her name to the growing list of bill supporters, bringing the cosponsor total to 87.
SEMA Spring Expo Reaches New Level Of Success
Organizers for the 2004 Specialty Equipment Market Association (SEMA) Spring Expo, have reported that this year’s show was the biggest regional show the association has held to date. The Expo took place March 5-6 at the Indiana Convention Center, Indianapolis. A day of seminars preceded the actual exhibit. Although attendance figures have not yet been audited, show organizers said preliminary reports show an increase of approximately 65 percent in buyer attendance, and 30 percent in total attendance from the SEMA Spring Expo in Nashville last February.
Democrats Raise Alert About ‘Manufacturing Czar’ Post
A Nebraska businessman whom President Bush wanted to nominate for the job of ”manufacturing czar” has withdrawn from consideration amid attacks from Democrats. Anthony Raimondo said he would not be a candidate for the position as Democratic organizations began e-mailing reporters that Raimondo had laid off workers in Nebraska and opened a plant in China. Two administration officials confirmed that Raimondo bowed out. One administration source said the withdrawal had nothing to do with the ”baseless” Democratic attacks.
Pilot Travel Centers to Sell Goodyear Truck Tires
Goodyear Tire & Rubber is the second tiremaker this week to announce a new supply agreement with Pilot Travel Centers LLC, one of the largest truck stop networks in North America. Pilot Travel Centers will stock and sell Goodyear truck tires at its travel centers.
Charles Pestow to Join Citation as VP Sales and Marketing
Citation Corp. has hired Charles “Chuck” Pestow as vice president of sales and marketing. Citation manufactures cast, forged and machined components for the capital and durable goods industries, including automotive and industrial markets. Pestow began his career with TRW, Inc., Cleveland, Ohio. In his twenty- seven years with that organization he held a variety of positions in engineering, operations and sales and marketing.
Collins & Aikman Ends Inquiry, Shares Rise
Collins & Aikman Corp. on Thursday said it completed an internal accounting inquiry and will not restate previously issued financial statements, sending its shares up 18 percent. The company also said its fourth-quarter loss more than tripled to nearly $10 million. Last August, the Troy, Mich., company said it was investigating business transactions between the company and two of its directors, just days after its CEO resigned.
Intermet Reports Losses
Intermet Corp. revised its fourth quarter and full-year financial results and reported a loss of $95.4 million, or $3.40 per share, on sales of $183.3 million in the fourth quarter. The Troy manufacturer of cast-metal automotive components earned $430,000, or 3 cents per share, on sales of $180.47 million in the same quarter of 2002. For the year, Intermet lost $98.9 million, or $3.22 per share, on sales of $731.16 million. It earned $9 million, or 41 cents per share, on sales of $755.73 million for 2002.
Tower Automotive Sells Equity Interest in Yorozu Corp.
Tower Automotive has sold its 30.76 percent interest back to Yorozu Corp. through a share buy-back transaction on the Tokyo Stock Exchange. Tower received proceeds of $51.7 million from the transaction. The divestiture is part of Tower’s strategy of focusing on core operations and improving liquidity, said Kathleen Ligocki, president and CEO of Tower Automotive.
CRC Industries to Sponsor NED NHRA King of the Track Program
John Robinson of CRC Industries, a Pennsylvania-based automotive chemicals manufacturer, has agreed to sponsor the NED King of the Track program beginning in 2004. The program will encompass all NHRA Division One member tracks.
Industry Veteran Bob Hall Loses Battle with Cancer
Industry veteran Bob Hall lost his battle with cancer on Monday, March 8, at his home in Carlisle, PA. He was 56 years old. Hall began his career as a sportswriter before moving on to MotorWeek and then becoming publicist for the Las Vegas Motor Speedway and later the Imperial Palace Auto Collection. In conjunction with those duties, he became host of “Las Vegas Motor Speedway on the Air,” a show that eventually evolved into “All About Cars,” the program he hosted until his death.
United Components Reports Fourth Quarter 2003 Results
United Components has reported revenues of $228.7 million for the quarter which ended December 31, 2003. Revenue increased 3.5 percent over the year-ago quarter. Net income for the quarter was $1.8 million. For the fourth quarter of 2002, net income was $23.3 million.
White House Ready to Name Manufacturing Czar
The Bush administration is likely to name Anthony Raimondo, chairman and CEO of Behlen Manufacturing Co. in Columbus, Neb., as its manufacturing czar as early as today, reports Reuters. One of his chief functions will be to help recover some 2.5 million manufacturing jobs lost since early 2001.