Prestolite Electric Sells UK Facility
Prestolite Electric Holding, has sold the Acton (London, England) manufacturing facility of Prestolite Electric Limited, the company’s UK subsidiary. Prestolite sold the subsidiary to Lemon Land Limited for approximately $47 million. The Acton facility had a book value of $9 million. In connection with the purchase, Prestolite retained the right to occupy the facility through the end of 2004.
Johnson Controls’ Earnings Up 17 Percent
Johnson Controls Inc. said quarterly earnings rose 17 percent, with both its automotive parts and building controls businesses reporting double-digit sales gains. Johnson Controls also eliminated a few dozen jobs at its Milwaukee controls division, even as it plans to expand the business by about 100 jobs, the company said Wednesday.
Stylin’ Concepts Expands Call Center
Stylin’ Concepts, a direct marketer of parts and accessories for light trucks and SUVs, is expanding its call center, retail and administrative operations in Independence, Ohio. The company will move some of its warehouse operations to another location. Due to the need for more office and retail space, the company said it will move some of its distribution functions to a site outside the Independence area. The move will affect approximately 20 warehouse employees, most of whom will be absorbed into existing company operations in Independence.
Dana AAG Expands Relationship with NASCAR
Dana’s Automotive Aftermarket Group (AAG) has renewed its partnerships with NASCAR in anticipation of the 2004 NASCAR NEXTEL Cup Series. Dana aftermarket products such as WIX filters, Raybestos brakes and Clevite Engine Parts are part of the exclusive lineup of NASCAR Performance products.
Noble International Completes LWI Acquisition, Plans to Sell Monroe Engineering Subsidiary
Noble International has completed its acquisition of Clinton Township, Mich.-based Laser Welding International (LWI), a supplier of laser-welded blanks to General Motors. The acquisition which was first announced late last week, now includes the proposed sale of LWI’s subsidiary, Monroe Engineering Products. Noble paid $14.7 million for LWI, with an additional $1 million payable if certain new business is awarded to Noble within the next twelve months.
TIA Off-The-Road Tire Conference Set for Feb.
The Tire Industry Association’s (TIA) Off-The-Road (OTR) Tire Conference is set to take place next month in central Florida. This annual event attracts the largest gathering of executives and business owners that manufacture, service, repair, retread or supply products for the OTR market. Off-road racer Walker “The Legend” Evans will be the keynote speaker for the event. The OTR Tire Conference takes place Thursday through Saturday, February 26-28, at the Gaylord Palms Resort in Kissimmee, Fla.
Legendary Engine Builder Pat Musi Joins Edelbrock
Pat Musi, a championship auto racer and 30-year performance specialist, has been hired as a product development consultant for aftermarket performance product manufacturer Edelbrock Corp. In this new role, Musi will focus on nitrous systems, as well as racing cylinder heads and high-horsepower EFI products. Described as “one of the most intimidating and influential doorslammer racers in the country,” Musi opened Pat Musi Performance in Carteret, NJ, in 1969 at the age of 18. That same year he started his racing career, which includes several Pro Street world championships (including four straight from 2000-2003) and records.
Exide Introduces NASCAR Branded Product Line at Sam’s Club
Playing off the brand recognition the NASCAR name holds with its estimated 75 million fans, Exide Technologies has introduced a new NASCAR branded transportation battery program at Sam’s Club, a national members-only chain of retail warehouses. The new program is exclusive to Sam’s Club and will be available in more than 462 locations nationwide.
ArvinMeritor Announces Finance Leadership Appointments
Robert “Rob” Guy has been named vice president of finance for ArvinMeritor’s light vehicle systems (LVS) business group. Marc Pensa has been named vice president of finance for ArvinMeritor’s commercial vehicle systems (CVS) business group. Robert “Rob” Guy has been named vice president of finance for ArvinMeritor’s light vehicle systems (LVS) business group. Marc Pensa has been named vice president of finance for ArvinMeritor’s commercial vehicle systems (CVS) business group.
Honeywell and Federal-Mogul End Talks Regarding Bendix Friction Materials Business
Honeywell has ended its discussions with Federal-Mogul regarding the possible sale of Honeywell’s Bendix friction materials business. After several months of negotiations, the parties were unable to agree on the terms of a deal, said Honeywell officials. The two companies entered into a letter of intent nearly one year ago.