Dura Automotive to Open Production Facility in Romania
Dura Automotive Systems today announced plans to open a manufacturing plant in Timisoara, Romania. The facility will produce a broad range of automotive components for automakers in Central and Eastern Europe. Groundbreaking will begin this month, with production expected to start in 2005.
Liquidity Crunch Threatens Oxford
Oxford Automotive Inc. could face its second bankruptcy filing in three years if it’s not able to sell some of its assets or secure new funding in the coming months. Faced with the prospect that Oxford will default on a $16.8 million interest payment on Oct. 15 and that the Troy, Mich.-based company is in the midst of a liquidity crunch despite landing a $1.3 billion auto parts contract with Mercedes-Benz, bondholders have hired Rothschild LLC and AlixPartners LLC as financial advisers and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal counsel to represent them in debt restructuring talks, sources confirmed.
Akebono Introduces Expanded 2004 ProACT Catalog
Akebono Corp. has announced the availability of its expanded 2004 ProACT Application Catalog, which features ProACT Ultra-Premium Ceramic Disc Brake Pads and Precision Remanufactured Loaded Calipers. The company noted that more than 100 ProACT pad part numbers have been released since July 2003, adding coverage to hundreds of vehicles including several early release 2005 models.
Johnson Controls to Acquire Grupo IMSA Automotive Battery Business
Johnson Controls announced that it is acquiring 100 percent ownership of Grupo IMSA, a joint venture automotive battery business that the company shared with a group of Mexican and South American partners. Grupo IMSA is the leading automotive battery producer in Mexico and South America. The company reported fiscal 2003 sales and operating income for the business of $429 million and $88 million, respectively. Johnson Controls has been a major customer of the joint venture since it was formed in 1998.
Executive Interview with USA Industries President and Owner Vince Trapani
Vince Trapani, owner and president of USA Industries, recently took some time to talk with aftermarketNews.com. Trapani talked about the rapid growth his company has undergone since its founding in the mid-80s. He also shared his insights on the starter and alternator segment of the industry, competition from China and a recent factory visit from President Bush.
Auto Industry Conference to Help Participants Navigate the Future of the Industry
A perfect storm is brewing for global automakers and suppliers, but those who lead, manage and influence the industry have the knowledge and capabilities for navigating the troubled waters ahead. They’ll share their insights in early August in the Traverse City, Mich. area at the Management Briefing Seminars — the automotive industry’s premier conference event.
Advanced Bosch Training Focuses on Solving Today’s Automotive Service Challenges
In today’s environment of ever-more-complex and sophisticated automobiles and trucks, training is all-important to the technicians who service and maintain these vehicles. Robert Bosch Corporation, a supplier of automotive systems and components, has placed itself in the forefront of those that supply the advanced technical training needed by the automotive service community.
Johnson Controls to Expand Vehicle Component Plant in China
Since entering China’s emerging automotive market in 1997, vehicle-interior supplier Johnson Controls has invested millions of dollars, opened 12 facilities and won sourcing contracts for dozens of cars and trucks. Now, it’s gearing up for more growth with an $8 million expansion of a seat-component production plant near Shanghai.
Metaldyne, China’s Dongfeng to Form Joint Venture in China
Detroit-based Metaldyne Corp. signed a memorandum of understanding with Dongfeng Motor Co Ltd., a joint venture between Japan’s Nissan Motor Co Ltd. and China’s Dongfeng Motor Corp., to establish an additional joint venture in China. The planned joint venture will focus on manufacturing and selling powder metal-based automotive components for China’s domestic market, Metaldyne said on its Web site.
Covisint Price Tag: $7 Million
Compuware Corp. paid $7 million to acquire Covisint LLC, the failed online automotive entity in which its owners invested more than $500 million, according to federal documents Compuware filed Wednesday. Compuware also disclosed that it has cut its workforce to fewer than 8,700 employees.