Court Approves Exide’s Disclosure Statement, Other Milestone Agreements
MILTON, Ga. – The U.S. Bankruptcy Court for the District of Delaware has approved the adequacy of Exide Technologies’ disclosure statement for its Plan of Reorganization (“POR”). With the Court’s authorization, Exide can now begin the process of soliciting approval of the POR. The hearing to confirm the POR is scheduled for March 27, 2015.
Magna International Acquires Business Units Of Philips & Lite-On Digital Solutions
SAILAUF, Germany – Magna International has acquired the head-up display and electronic components business units of Philips & Lite-On Digital Solutions (PLDS) in Wetzlar, Germany, as well as PLDS’ ultrasonic sensor business in Hsinchu, Taiwan. The transaction is aimed at strengthening Magna’s electronics engineering capabilities in Europe. Acquiring these business units furthers the company’s goal
Aftermarket Auto Parts Alliance Contributes $15,000 To University Of The Aftermarket Foundation
BETHESDA, Md. – Wrapping up its annual Winter Shareholder Meeting, the Aftermarket Auto Parts Alliance left with more than just the satisfaction of hosting another successful conference. Alliance shareholders and supplier channel partners helped raise more than $15,000 for the University of the Aftermarket Foundation by participating in recreational events during the meeting at the
Delphi Reports Fourth Quarter, Full Year 2014 Financial Results
GILLINGHAM, England – Delphi Automotive PLC has reported fourth quarter 2014 U.S. GAAP earnings of $1.16 per diluted share. Excluding special items, fourth quarter earnings increased 18 percent to $1.32 per diluted share. “Delphi’s strong fourth quarter financial results continue to demonstrate the focus of the entire organization on executing our strategy,” said Rodney O’Neal,
O’Reilly Automotive Reports Fourth Quarter, Full-Year 2014 Results
SPRINGFIELD, Mo. – O’Reilly Automotive has announced record revenues and earnings for its fourth quarter and full year ended Dec. 31, 2014. The results represent 22 consecutive years of comparable store sales growth and record revenue and operating income for O’Reilly since becoming a public company in April of 1993. Sales for the fourth quarter
Investment Firm Acquires Stake In American Tire Distributors
HUNTERSVILLE, N.C. – America Tire Distributors Inc. (ATD) announced that a fund managed by the private equity group of Ares Management L.P. has entered into an agreement to acquire a significant stake in the company, resulting in equal ownership between Ares and current majority shareholder TPG. Terms of the transaction were not disclosed, and closing
Eaton Reports Fourth Quarter Operating Earnings Per Share of $1.27, Up 18 Percent
DUBLIN – Eaton Corp. has announced operating earnings per share for the fourth quarter of $1.27, an increase of 18 percent over the fourth quarter of 2013. Sales in the quarter were $5.6 billion, up 1 percent over the same period in 2013. Operating earnings for the fourth quarter of 2014, were $602 million compared
DENSO To Adopt International Financial Reporting Standards
KARIYA, Japan ― DENSO Corp. has announced plans to voluntarily adopt the International Financial Reporting Standards (IFRS). The first document to use IFRS, in place of Japanese accounting standards, will be the consolidated financial statements in DENSO’s Annual Securities report for the fiscal year ending March 31, 2015. DENSO said it chose to adopt the
Delphi Announces Board Changes
GILLINGHAM, England – John “Jack” Krol, chairman of the board of directors of Delphi Automotive PLC, will retire as chairman on March 1 and will be replaced by board member Rajiv L. Gupta. Krol will remain on the board until Delphi’s annual general shareholders meeting on April 23 and will not seek re-election. “We thank
Tenneco Reports Fourth Quarter, Full-Year 2014 Results
LAKE FOREST, Ill. – Tenneco reported fourth quarter net income of $21 million, or 33 cents per diluted share, which includes $46 million in restructuring, pension and refinancing related expenses. Fourth quarter 2013 net income was $54 million, or 88 cents per diluted share. On an adjusted basis, net income rose to a fourth quarter
Bosch Group Increases Sales And Margins
STUTTGART – According to preliminary figures, the Bosch Group increased its sales by 6.2 percent in 2014, to 48.9 billion euros. After adjusting for exchange-rate effects, sales growth was 7.2 percent. Sales results were negatively impacted by exchange-rate effects of nearly 500 million euros. The supplier of technology and services also improved its earnings in
Brake Parts Inc Finalizes OE Quality Friction Inc. Purchase Ahead Of Schedule
MCHENRY, Ill. – The purchase by Brake Parts Inc LLC (BPI) of the assets of OE Quality Friction Inc. (OEQF) was finalized ahead of schedule on Jan. 28, according to David Overbeeke, president and CEO of Brake Parts Inc. “We are pleased to announce that we have completed our purchase of the assets of OEQF,”
