Asbestos Bill Headed for Showdown
Senate Judiciary Committee Chairman Orrin Hatch (R-Utah), has acknowledged that asbestos litigation reform legislation (S1125) as currently drafted is unlikely to gain the necessary 60 votes required to end debate in the Senate. The legislation is a priority of Majority Leader Bill Frist (R-Tenn.), and he is working with high-ranking Democrats in an attempt to develop a compromise bill that will draw the necessary votes to overcome the expected filibuster. Key to the discussion is the amount of money contained in a trust fund to pay claims as well as the size of individual claims.
Bill Grote Names Eric Morris President and COO of Grote Industries, Grote to Assume Chairman/CEO Role
Eric Morris has been appointed to the newly created post of president and COO at Grote Industries. William (Bill) Grote III will assume duties of chairman and CEO at the 103-year-old family owned company. Grote Industries is a designer and manufacturer of vehicle safety systems. Headquartered in Madison, Ind., Grote manufactures LED and incandescent lamps, mirrors, obstacle detection systems, reflective accessories and wiring components. The company has other manufacturing plants in Toronto and Waterloo, Canada, as well as Monterrey, Mexico.
New Ideas Should Help Old Favorite
After getting whacked by big upheavals in the automotive supply world, the wobbly SAE World Congress, Detroit’s biggest and most important trade show, seems to be finding its legs again.
Treading a New Path
Goodyear Tire & Rubber Co. is hoping to make a huge splash with a new high-end line of all-season tires. The Akron, Ohio-based company will roll out its Assurance line this spring with its biggest advertising blitz in more than a decade. Goodyear is counting on the new tires to help deliver a turnaround after four years of disappointing sales.
Akebono Announces Passing of Regional Sales Manager Carl Schaefer
Akebono announced yesterday that Eastern Regional Sales Manager Carl Schaefer unexpectedly passed away in January. Schaefer was a 25-year veteran of the automotive aftermarket business, with a focus on brake systems. He joined Akebono in 2002 and managed the company’s aftermarket sales in the eastern U.S. and Canada.
Cooper Tire & Rubber Reports Increased Earnings, All-Time Record Sales
Cooper Tire & Rubber has reported all-time record high sales of $967 million, as well as a 20 percent increase in net income for the quarter which ended Dec. 31, 2003. The record sales represent a 15 percent increase compared to the same period a year earlier, said the company. Net income increased by 20 percent to $28 million, compared to $23 million in the fourth quarter of 2002.
Neil Peters, Former TBEA Division President, Dies
Neil Peters Jr, former president of the Michigan-Ohio Regional Division of the Truck Body and Equipment Association (TBEA) from 1972-1973, died Jan 2, at home.
MACS Installs 2004 Board and Officers
New officers and board members were sworn in during the MACS annual membership meeting Jan. 24. Serving as officers in 2004 are: Chairman — Michael Deese, Santech Industries, Ft. Worth, Texas; Vice Chairman — Gus Swensen, Cool Car Auto Air, Columbus, Ga.; Treasurer — Andy Fiffick, Rad-Air Complete Car Care in Garfield Heights, Ohio; and Secretary — Kevin Burton, Four Seasons, Lewisville, Texas.
Automechanika Exhibit Space Selling Out
With strong early sales of space in the U.S. Pavilions at Automechanika, Sept. 14-19, especially in Hall 1 (parts and components) and Hall 8 (garage, tools and equipment), interested firms should call the pavilion organizer soon to reserve space.
Edelbrock Reports Improved Sales and Earnings for Second Quarter of 2004
Edelbrock Corp. has reported sales and earnings for the second quarter and first six months of 2004, which ended Dec. 25, 2003. For the quarter, revenues increased to $31,741,000 from $31,015,000 in the same period of fiscal 2003. Net income for the second quarter improved to $1,287,000, or 24 cents per basic share (23 cents per diluted share), from net income of $1,197,000, or 22 cents per basic and diluted share, for the second quarter of fiscal 2003.
Compuware Panning to Buy Covisint
Compuware Corp., the largest high-tech company based in Michigan, is expected to announce that it will purchase financially struggling Covisint LLC, according to documents on Compuware letterhead obtained by the Detroit Free Press. The acquisition, expected to be completed within 30 days for an undisclosed “small cash transaction,” ends the most expensive Internet start-up and flop ever launched in Michigan.
Ward’s Reports Estimated Production
Vehicle production last week in the U.S., Canada and Mexico was expected to hit an estimated 339,878 units, up 15 percent from the 295,481 cars and trucks built last week, according to Ward’s Automotive Reports.