Hella and Stanley Purchase Shares in Korean Auto Supplier
Automotive lighting suppliers Hella KG Hueck & Co. and Stanley Electric Co. Ltd. have purchased a five percent share in Korean auto supplier Samlip Industrial Company Ltd., based in Daegu, Korea. According to Joe Borruso, president and CEO of Hella North America, the investment represents a further expansion of the company’s 15- year-old relationship with the Korean supplier.
Cooper Tire Puts on its Game Face
The official tire of six NCAA conferences, Cooper Tire & Rubber is taking an experimental approach to building regional brand awareness through a series of pre-game and on-court interactive promotions at upcoming NCAA basketball games. “We’re aiming to activate our corporate partnerships by pushing our involvement past simple signage, and enhancing our consumer’s sports experience,” said Pat Brown, vice president of advertising and communications at Cooper Tire.
Myers Industries To Buy Michigan Rubber Products and WEK Industries
Myers Industries has signed an agreement to acquire the stock of two companies that supply rubber and plastic products to the automotive industry. Myers is set to acquire Michigan Rubber Products and WEK Industries, which had combined net sales of approximately $60 million in 2003. The transaction is expected to close in early March, subject to customary conditions of closing.
Modine Wins High Volume Condenser Program from PSA
Modine Manufacturing Co. has received the largest condenser order in the company’s 88-year history, from the European automobile manufacturer PSA Peugeot Citroen. The condensers will be used in several models for PSA, which has been one of the fastest-growing carmakers in the past five years. Modine will start production in 2006 for the anticipated $15 million order, approximately half of which represents incremental business. The air conditioning condensers will be manufactured in a highly specialized facility in Austria, which started in 1984 as a joint venture.
Tenneco Automotive Names Two New VPs
Tenneco Automotive has named James Perkins as vice president and controller and John Kunz as vice president and treasurer. Perkins joins Tenneco Automotive from GE Medical Systems Information Technology, where he most recently was director, commercial operations. Kunz joins Tenneco Automotive from Great Lakes Chemical Corp., where he most recently served as vice president and treasurer.
CBS Segment Featuring ASA’s Ron Pyle Sparks Criticism from Insurers, Repairers
The Automotive Service Association’s (ASA’s) Chief Staff Executive Ron Pyle was recently featured in two CBS programs that addressed the issue of insurer-owned body shops. A number of insurers and repairers responded negatively to the segment, including the National Auto Body Council (NABC), which sent a stern letter to CBS News stating that the segment didn’t live up to its sensationalized billing, when Dan Rather told the viewing audience to stay tuned to see how consumers are possibly being ripped off by collision repair shops.
Toyo to Build U.S. Tire Plant
Toyo Tire & Rubber Co. has announced it will build a new manufacturing plant in the U.S. for the production of passenger car and light truck tires. The new plant will be located in the eastern-half of the U.S., with start-up scheduled for early 2006. Toyo said it will invest $150 million in the facility, which is expected to produce approximately two million passenger car and light truck tires annually.
Edelbrock 2004 Catalog Now Available
The new 2004 Edelbrock Catalog for American Cars & Trucks is now available. Sporting a historic cover shot of Vic Edelbrock Jr. with his father’s just-restored ’32 Ford Roadster, the new catalog has 244 pages of automotive parts including manifolds, shocks, cylinder heads, fuel pumps, carburetors, camshafts, headers, crate engines, etc. It is also the company’s largest catalog to date.
Former Dow Engineering Plastics Executive Joins Penda Corp.
International plastics executive Ulf Buergel has been appointed president and COO of Penda Corp., a leading manufacturer of light-truck bedliners. Buergel joins Penda following a 20-year career with The Dow Chemical Co. in Midland, Mich.
Wix Filters Gives NASCAR Drivers Added Incentive
WIX Filters is giving NASCAR series drivers yet another reason to get ahead of the pack on race day — the WIX Filters Lap Leader Award. Starting with the 2004 racing season, the award program extends through December 31, 2010. The WIX Filters Lap Leader Award includes cash payouts and an award trophy/plaque that will be presented during pre-race ceremonies at each event, as well as a year-end payout and a trophy for the driver who leads the most races with the most laps for each series.
UTI Appoints Two New Directors
Universal Technical Institute (UTI) has appointed two new directors. Conrad Conrad and Kevin Knight will serve as members of UTI’s audit committee, with Conrad serving as chairman of the audit committee. These appointments bring the membership of UTI’s board of directors to seven.
Timken to Become NASCAR Contingency Sponsor
Timken has signed on as a contingency sponsor of the NASCAR Busch Series for three years, beginning with the 2004 season. The Hershey’s Kisses 300 at Daytona International Speedway, which took place last weekend, was the first time the Timken logo appeared on multiple NASCAR stock cars.