Monro Muffler Brake Completes Mr. Tire Acquisition
Monro Muffler Brake has completed its previously announced acquisition of 36 leased Mr. Tire locations from privately held Mile One Automotive. The acquired locations generated approximately $50 million in sales last year. Monro said the acquisition will expand the company’s market share in the mid-Atlantic region, particularly the Baltimore market. The transaction, valued at approximately $29 million, is expected to contribute between $5 million and $6 million to Monro’s EBITDA in the first year.
O’Reilly Auto Parts Names Interdynamics Vendor of the Year
Interdynamics Inc. has been presented with the 2003 “Vendor of the Year” award from O’Reilly Auto Parts. The company is a leader in auto air conditioning and air compressor products.
Campaign to Bring Back the “Midas Touch”
Midas wants to return to its core value of trust with the resurrection of a marketing campaign first used in Midas advertising in the 1980s. The company’s new national advertising agency DDB Chicago is collaborating with Ogilvy & Mather Toronto on the “Trust the Midas Touch” campaign. The campaign will include commercials that take place in a Midas shop and show a humorous dialog between a customer of Midas and a Midas service employee, who is hooked up to a polygraph machine. The commercials are the first in a long-term campaign to grow Midas’ category-leading shares in brakes and exhaust and to support the expansion of its services, including oil changes and other routine maintenance services.
Hankook Premiers New Corporate Identity Program
Hankook Tire Co. unveiled a new corporate identity program during a recent presentation at its headquarters in Seoul, Korea. The new look is the latest in a series of strategic moves to build the company’s global image as a leading manufacturer and marketer of tires.
Prestolite Electric Holding Up for Sale
Genstar Capital has entered into a definitive agreement for the sale of Prestolite Electric Holding to an affiliate of First Atlantic Capital. Prestolite Electric is a global manufacturer of alternators and starter motors selling into high-margin, niche markets for heavy-duty, military and industrial applications.
Federal-Mogul Files Disclosure Statement in Bankruptcy Case
Federal-Mogul has filed a disclosure statement and an amended plan of reorganization with the U.S. Bankruptcy Court in Delaware. Inundated with lawsuits from people claiming exposure to asbestos from products made by companies that Federal-Mogul later bought, the company filed for bankruptcy court protection in October 2001. The company has been working on plans to emerge later this year, under the control of a trust established to handle the asbestos claims.
Union Plant to Make More Assurance Tires
Goodyear Tire & Rubber Co. will expand production of its brand-new Assurance tire line at a union plant in Gadsden, Ala., ending a labor dispute that threatened to overshadow the product launch. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla.
Maxxis Announces Sports Sponsorships
In conjunction with its global branding efforts, international tire manufacturer Maxxis International has become the “The Official Tire of the Houston Rockets.” The sponsorship agreement remains in effect for the balance of the 2004 NBA season. Maxxis has also announced its sponsorship of LPGA Tour Golfer Candie Kung for the 2004 LPGA season.
CSK and NHRA to Educate Youth on Dangers of Street Racing
CSK Auto Inc. and the National Hot Rod Association (NHRA) have joined forces to educate America’s youth of the dangers of street racing and the benefits of racing at licensed race tracks under controlled conditions. According to the National Highway Traffic Safety Administration, motor vehicle accidents are the leading cause of death for people aged 16 to 20. CSK Funny Car drivers Del Worsham and Phil Burkart, in conjunction with local police departments, are scheduling visits to high schools throughout the country to share their professional racing experience and offer firsthand knowledge of why drivers should “Race on the Track, Never on the Street.”
2003 Indy 500 Winner Gil de Ferran to Speak at SAE World Congress
Two-time CART FedEx Series Champion and Winner of the 2003 Indianapolis 500, Gil de Ferran, has been confirmed as a speaker in the SAE 2004 World Congress, to be held at Cobo Center in Detroit, Mich., March 8-11. The charismatic Brazil native will join an all-star group of racing experts in a session entitled “Passion for Performance” – The Transfer of Technology from Racing to High Performance Cars, to be held on Tuesday, March 9, 2004 at 1:30 p.m. in the Dana Technical Innovation Forum, part of the SAE World Congress Exhibition.
ChevronTexaco Celebrates 100th Anniversary of Havoline Brand
ChevronTexaco Global Lubricants is launching a year-long program to celebrate the 100th anniversary of the Havoline brand. As part of the centennial celebration, ChevronTexaco said it is investing in numerous marketing programs and consumer promotions to drive the Havoline name in 2004, including sponsorship of the U.S. Olympic Team competing in the 2004 Athens Summer Olympic Games, retro product packaging and a sweepstakes with a grand prize of $1 million.
Delphi Debuts New Ad Campaign; Aims to Bring Automotive Technology to Other Markets
Delphi has debuted a new television ad campaign aimed at showing how the company is taking automotive technology to other markets. The new campaign, created by McCann Erickson’s Detroit office, depicts how Delphi technologies can be used to benefit other industries outside the automotive arena, including medical, homeland security and computers.