Mitchell Meets 60 Year Milestone
Mitchell International, a provider of performance management solutions for the automotive insurance claims and collision repair industries, is marking six decades in business this year. Originally successful for its publication of collision estimating and reference guides, the Mitchell organization has evolved into a provider of information and technology solutions.
DuPont Makes More Cutbacks in Coatings Unit
DuPont Co. said this week it would close several manufacturing and research facilities and eliminate 1,500 jobs, mostly in Europe, in its coatings and color-technologies division. The move reflects weakness in Europe’s economy and in the U.S. automotive industry. The coatings division supplies paint to auto manufacturers and other businesses around the world.
Copart Acquires Facility in Montana
Copart, Inc. has acquired an 18-acre facility in Billings, MT. Copart provides vehicle suppliers, primarily insurance companies, with services to process and sell salvage vehicles, principally to licensed dismantlers, rebuilders and used vehicle dealers.
NeoMedia Expands Relationship with DuPont
NeoMedia Micro Paint Repair, a developer and international supplier of auto rejuvenation products and processes, has expanded its relationship with DuPont. Specifically, NeoMedia signed direct supply agreements with DuPont de Nemours (Belgium) BVBA and E. I. du Pont Canada Co. (DuPont Canada), both subsidiaries of E. I. du Pont de Nemours and Co., for paint sourced from Belgium and Canada, respectively. NeoMedia has also signed a letter of intent with DuPont Canada, whereby the company will assist with the packaging, labeling and palletizing of NeoMedia’s automotive micro paint for sale by NeoMedia to its operations in China.
LKQ Acquires Three Recycling Businesses
In its fourth quarter 2005 earnings report, LKQ Corp. announced it acquired three recycling businesses in February. Last month, LKQ acquired Michael Auto Parts located in the Orlando, FL, area. The company primarily serves the professional repair market and generated approximately $12 million of revenue in 2005. The company also acquired two retail businesses, one near Charleston, SC, and one in Port Allen, LA. These two businesses had less than $3 million of combined revenue in 2005.
I-CAR to Present Technology Showcase at NACE
I-CAR, a leading collision repair training company, will develop, plan and implement eight clinics to be offered on the International Autobody Congress & Exposition (NACE) show floor in the I-CAR Technology Showcase. In addition to the showcase clinics on the NACE show floor, I-CAR will also be expanding its offerings within the NACE 2006 Conference by scheduling technical training programs on both Wednesday, November 1 and Saturday, November 4.
Lord Corp. to Purchase Henkel’s Rubber-to-Metal Bonding Business
Lord Corp., a global developer and manufacturer of adhesion and bonding products, has signed a definitive agreement with Henkel KGaA of Duesseldorf, Germany, to purchase certain assets of Henkel’s rubber-to-substrate bonding and rubber coating business. The business primarily serves automotive and industrial manufacturers of rubber molded and extruded components and includes the trade names Chemosil, Flocksil, Cuvertin and Sipiol.
AMI Accepts Applications for $1,000 BodyShop Business Magazine Scholarship
The Automotive Management Institute (AMI) is accepting applications for the annual $1,000 BodyShop Business Magazine Scholarship. AMI’s resource development effort, EXCEL, in conjunction with Babcox Publications, established the scholarship, which is awarded to an Automotive Service Association (ASA) Collision Division member who strives to be, or is presently working, in a management capacity.
Nilfisk-Advance Group Celebrates 100 Years in Business
On Feb. 26, the Nilfisk-Advance Group, a maker of vacuums for body shops, will celebrate its 100th year in business. “What started as a backyard factory in Copenhagen has grown into the world’s largest manufacturer of professional cleaning appliances,” said Peter Fritscher, president of ALTO Cleaning Systems, Inc. (ALTO CSI), a subsidiary of the Nilfisk-Advance Group. “To reach that kind of milestone in the business arena is quite an achievement.”
ADP Sells Claims Services Business to Solera for $975 Million
Automatic Data Processing (ADP) is selling its Claims Services Business (CSB) to Solera Inc. for $975 million in cash. Solera was formed by Tony Aquila, in partnership with GTCR Golder Rauner, one of the nation’s leading private equity firms with more than $6 billion of committed capital.
CCC Information Services Group Stockholders Approve Merger Transaction
CCC Information Services Group, a supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries, announced that its company stockholders voted to adopt a merger agreement with entities affiliated with Investcorp, a global investment group.
LKQ Announces 2006 Financial Guidance
LKQ Corp. said it expects its 2006 earnings per share to be in the range of 72 to 76 cents on a fully diluted basis, after the recent two-for-one stock split and after including its recent acquisition of Transwheel Corp. This estimate includes approximately 3 cents per share effect of expensing stock options. The company is scheduled to report its 2005 revenue on March 2. It is expected to be in line with 2005 earnings guidance.