Magna President and CEO Resigns, Expected to Run for Canada’s Conservative Party
Belinda Stronach, president and CEO of diversified automotive supplier Magna International, has resigned. According to recent news reports, Stronach is expected next week to announce her candidacy for the leadership of Canada’s Conservative Party. Her father, Magna Founder and Chairman Frank Stronach, has assumed the position of interim president.
Noble International Completes LWI Acquisition, Plans to Sell Monroe Engineering Subsidiary
Noble International has completed its acquisition of Clinton Township, Mich.-based Laser Welding International (LWI), a supplier of laser-welded blanks to General Motors. The acquisition which was first announced late last week, now includes the proposed sale of LWI’s subsidiary, Monroe Engineering Products. Noble paid $14.7 million for LWI, with an additional $1 million payable if certain new business is awarded to Noble within the next twelve months.
TIA Off-The-Road Tire Conference Set for Feb.
The Tire Industry Association’s (TIA) Off-The-Road (OTR) Tire Conference is set to take place next month in central Florida. This annual event attracts the largest gathering of executives and business owners that manufacture, service, repair, retread or supply products for the OTR market. Off-road racer Walker “The Legend” Evans will be the keynote speaker for the event. The OTR Tire Conference takes place Thursday through Saturday, February 26-28, at the Gaylord Palms Resort in Kissimmee, Fla.
Metaldyne Wins Contract with Ford
Metaldyne has been awarded a contract with Ford Motor Co. to supply front spindle assemblies for a future-model Ford truck at Metaldyne’s newly acquired New Castle, Ind., facility. The front spindle assembly is expected to launch in July and includes a machined casting, machined stem and ball joints. Metaldyne purchased the New Castle Machining and Forge plant from DaimlerChrysler in December 2003. From January until December 2003, the facility operated as a joint venture between Metaldyne and DaimlerChrysler.
More Details on the Future of Honeywell’s Friction Materials Business
Yesterday, Honeywell announced that it had terminated discussions with Federal Mogul regarding the possible sale of its friction materials business, which manufactures and markets the well-known aftermarket brand Bendix. After several months of negotiations, the parties were unable to agree on terms of a deal. Now Honeywell has reported that the friction materials division will remain part of Honeywell and will become closely aligned with the company’s business initiatives and operating plan. According to Joe Puishys, president of Honeywell friction materials, the company is in the process of making investments in both the aftermarket and OE segments of the business.
Exide Introduces NASCAR Branded Product Line at Sam’s Club
Playing off the brand recognition the NASCAR name holds with its estimated 75 million fans, Exide Technologies has introduced a new NASCAR branded transportation battery program at Sam’s Club, a national members-only chain of retail warehouses. The new program is exclusive to Sam’s Club and will be available in more than 462 locations nationwide.
Tenneco Automotive Announces Executive Appointment
Tenneco Automotive has named Paul Novas vice president of finance and administration for the company’s European operations. Novas will also continue in his current role as corporate treasurer. Novas has served as vice president and corporate treasurer for Tenneco since 1999. He joined Tenneco Inc. in 1996 as assistant treasurer, responsible for corporate finance and North American treasury activities. He played an integral role in executing the financial transactions leading to the separation of Tenneco’s energy and shipbuilding businesses in 1996 and the separation of the packaging and automotive businesses in 1999.
Hayes Lemmerz International Expands its Aluminum Wheel Presence
Hayes Lemmerz International has purchased certain assets from Hayes Wheels de Mexico, S.A. de C.V. and sold its equity interest in Hayes Wheels de Mexico, S.A. de C.V., to DESC, S.A. de C.V. According to Fred Bentley, president of Hayes Lemmerz’ International Wheel Group, the transaction is a key step in the company’s strategy to focus on the growth market for aluminum wheels.
OE Suppliers May Drop By 50 Percent: Group Predicts Half Will Go Under by 2010
The auto industry is on track to lose half of its parts suppliers by 2010 because of escalating pressure to reduce component prices. That prediction from the Original Equipment Suppliers Association (OESA), a trade group that represents suppliers, comes in response to a new survey that found automakers are demanding more and steeper price cuts from parts makers.
Honeywell and Federal-Mogul End Talks Regarding Bendix Friction Materials Business
Honeywell has ended its discussions with Federal-Mogul regarding the possible sale of Honeywell’s Bendix friction materials business. After several months of negotiations, the parties were unable to agree on the terms of a deal, said Honeywell officials. The two companies entered into a letter of intent nearly one year ago.
Cooper Tire Ups Investments in U.S. Manufacturing Plants, Hires 116 Plant Workers
Cooper Tire & Rubber has increased capital equipment investments in three of its four U.S. tire manufacturing facilities. The company said this increase provides additional production capacity of more than 2.4 million units to meet the steadily increasing demand for the company’s tires. The $32.1 million investment will include the purchase of new tire building machinery and presses. An additional 116 manufacturing employees will also be hired.
Siemens VDO Automotive Presents 2003 Rep of the Year Award
Siemens VDO Automotive has presented Mike Wirth and Doug Mathe of RepWorks Marketing with their 2003 Rep of the Year Award. RepWorks Marketing is responsible for Siemens VDO’s automotive aftermarket sales activities in California, Arizona and Nevada. RepWorks Marketing has represented Siemens VDO Automotive for approximately four years. RepWorks is headquartered in Los Angeles, Calif., and has an office in Phoenix, Ariz.