Midas Completes Debt Refinancing
Midas has entered into a three-year, $115 million credit facility to refinance its existing debt. The new facility consists of a $55 million revolving loan and a $60 million term loan from a group of lenders led by Bank One, NA.
Bosch Named Service Parts Grand Vendor of the Year by Advance Auto Parts
Advance Auto Parts has named Robert Bosch Corp. recipient of the 2003 Service Parts Grand Vendor of the Year Award. Advance presents this award to the vendor with the top overall performance in the areas of service level, product and program quality, merchandising/promotions, customer service and account management.
MACS, Four Seasons Sponsor Car Care Council Women’s Board Scholarships
The Car Care Council Women’s Board has announced that the Mobile Air Conditioning Society Worldwide (MACS) and Four Seasons, Inc., a division of Standard Motor Products, Inc., have each agreed to sponsor a $500 scholarship for a female student interested in entering the automotive aftermarket.
Jasper Engines and Transmissions Names Clevite Engine Parts a Preferred Supplier
For the eighth consecutive year, Dana Corp.’s Clevite Engine Parts has been named a “Preferred Partner” by Jasper Engines & Transmissions. The award was presented during the Jasper Engines & Transmissions Annual Preferred Partners Banquet on March 9. Out of more than 2,000 Jasper vendors, Clevite was one of only seven to earn the Preferred Partner Award.
ArvinMeritor Awarded $150 Million Suspension Module Contract
ArvinMeritor’s Light Vehicle Systems (LVS) business group has been awarded a multi-year, $150 million contract for production of front, upper-corner suspension modules for new light vehicle pickup trucks. The contract also includes rear suspension components. Production is scheduled to begin in July 2005.
Henkel Technologies Earns Decoma President’s Award
Henkel Technologies recently received the Decoma International President’s Award for 2003 for innovations that lower costs while improving productivity and quality. The award recognizes Henkel’s efforts at two key Decoma facilities. Henkel Technologies was nominated by Decoma’s Norplas and Nascote facilities for separate technologies that help ensure production lines continue running efficiently.
BWD Automotive Offers New Niehoff Emission Control Systems Parts Catalog
BWD Automotive has announced the availability of its Niehoff Emission Control Systems parts catalog, No. 04-EC. The catalog lists applications for emission control systems parts for North American and imported passenger cars and trucks. All model years are covered, including both light duty and medium duty trucks.
Subaru Recalls Certain Six Cylinder Outbacks and Impreza WRX Vehicles
Subaru of America has announced a voluntary recall on certain 2001-2004 six cylinder Outback models, and 2002-2004 Impreza WRX 2.0L models to address a possible cruise control cable problem. Approximately 127,580 vehicles are potentially affected, according to Subaru.
NHTSA’s Runge, Continental Teves’ Kozyra to Speak at Automotive Suppliers’ Legislative and Public Policy Summit
Dr. Jeffrey Runge, administrator of the National Highway Traffic Safety Administration (NHTSA), will be joined by William Kozyra, president and CEO of Continental Teves North America, on Thursday, May 6, for a discussion on automotive safety, at the MEMA Legislative and Public Policy Summit: Advancing American Manufacturing, in Washington, D.C. Runge and Kozyra will discuss such topics as NHTSA’s and Congress’ views toward encouraging voluntary industry guidelines vs. mandates and how industry and government should address innovation and technology out-pacing regulation.
SmarTire Signs Distribution Agreement with Lexani Wheel Corp.
SmarTire Systems has signed a distribution agreement with Lexani Wheel Corp, a manufacturer of luxury alloy wheels based in California. Lexani will bundle SmarTire’s tire pressure monitoring system (TPMS) with its Johnson line of custom wheels, which are sold through its dealer base.
Dana’s John Washbish to Discuss Technology and Training at GAAS
John Washbish, president of Customer Relationship Management for the Dana Automotive Aftermarket Group, will discuss “Technology and Training in Today’s Aftermarket” on Tuesday, May 18, at the ninth annual Global Automotive Aftermarket Symposium (GAAS). GAAS 2004 will take place on Tuesday and Wednesday, May 18-19, at the Hyatt Regency, Chicago.
Judge Approves $149 Million BFNAT Settlement
State District Judge Donald Floyd in Beaumont, Texas, has approved a $149 million settlement of 30 class-action lawsuits filed on behalf of Bridgestone/Firestone tire owners. The announcement comes more than three years after the 2000 recall of 14.4 million Firestone tires. Bridgestone/Firestone North American Tire (BFNAT) agreed to the proposed settlement last July.