Two Collins & Aikman Board Members Resign
Two board members investigated internally for insider deals have resigned from auto supplier Collins & Aikman Corp. (C&A), which has lost money three years in a row, and on Thursday reported another first-quarter loss. The quarter’s red ink was slightly less than it was the same period a year ago.
Hankook Raises Prices By 3 Percent
Hankook Tire America Corp. has announced plans to raise prices on its full line of passenger, high performance, light truck and medium truck tires by 3 percent, effective July 1.
Keith Kreft Awarded ETI Founder’s Award
Keith Kreft of Cupertino, Calif., was presented the Equipment and Tool Institute (ETI) Founder’s Award at the association’s recent board meeting. The Founder’s Award honors individuals who have demonstrated outstanding commitment and support of the Institute. It is ETI’s highest honor. Kreft is the 14th recipient of the award since it was established in 1985.
Making Better Business Decisions
Last time we talked about how a cross-functional management framework, driving business improvement at the process level, can dramatically accelerate the pace of performance-enhancing change. This week we’ll talk about how that same cross-functional management framework can improve the quality of business decisions on a day-to-day basis.
Key Safety Systems Forms Shanghai Joint Venture
Key Safety Systems has formed a new joint venture with Yanfeng Visteon Automotive Trim Systems, based in Shanghai, China. With 2004 revenues expected to exceed $1 billion, Yanfeng Visteon is the largest interior trim manufacturer in China, and one of the largest producers of steering wheels.
American Axle & Manufacturing Initiates Quarterly Dividend Program
The board of directors for American Axle & Manufacturing Holdings (AAM) has declared its first ever dividend as a public company. A quarterly cash dividend of $0.15 per share will be payable on June 28 to stockholders of record on all of the company’s issued and outstanding common stock as of June 7.
Qualitee International Acquired by AutoPartSource
AutoPartSource, LLC has purchased certain assets of Qualitee International Limited Partnership of Bloomfield Hills, Mich. The two companies have entered into an agreement to sell, on a consignment basis, all of the inventory of Qualitee.
DENSO Announces Year-end Financial Results
DENSO Corp. has reported its global financial results for the fiscal year, which ended on March 31. The company reported consolidated net sales of $24.2 billion, a 9.8 percent increase from the previous year. Operating income totaled $1.8 billion, an 18 percent increase from the previous year.
Duraline Pres-On Abrasives and Future Abrasives Co. form Global Abrasive Products, Inc.
Duraline Pres-On Abrasives Inc., LLC and Future Abrasives Co. recently merged to form Global Abrasive Products Inc. (GAP), a service-driven abrasive supply and manufacturing company. This merger makes Global Abrasive Products Inc. one of the largest abrasive convertors in the U.S.
UTI Expands Program at Florida Campus to Include Automotive Training
Universal Technical Institute (UTI), a national provider of technical education training, has announced a long-term agreement to expand program offerings at its Orlando, Fla., campus to include automotive training. The Orlando automotive program expansion will help to address the growing technician needs within that specific region, said UTI. According to state occupational projections, Florida has the third largest number of annual automotive technician openings in the U.S.