Firms Eye Cooper, Dana Auto Part Units-Sources
A handful of large private equity firms are considering bids for two key automotive parts businesses on the auction block, sources close to the situation said. Both Dana Corp. and Cooper Tire and Rubber Co. have announced they may divest their auto parts businesses. Each unit may separately fetch $1 billion or more, analysts estimate.
AASA Creates New Aftermarket Council Forum for European Market Issues; Elects Leaders
The Automotive Aftermarket Suppliers Association (AASA) has established the European Automotive Aftermarket Manufacturers Council, a new discussion group for aftermarket executives heading their businesses’ European operations. The European Automotive Aftermarket Manufacturers Council will provide a forum for AASA members’ senior executives in Europe. The members will meet quarterly to discuss industry issues and solutions, share best practices and network with peers.
Auto Suppliers Under Pressure to Shift Production Abroad
A new study soon to be released by the Society of Automotive Engineers (SAE) is showing that the pressure to move automotive manufacturing jobs abroad will continue, despite federal and local government efforts to maintain or increase industry employment levels in the U.S. The SAE will release the report at the 2004 SAE World Congress in Detroit next month. The study, which is still under development, will outline “best practices” for global automotive suppliers. The Odyssey study seeks to help suppliers understand how their global manufacturing operations will need to change and how best to make those changes to survive and thrive.
Walker Exhaust Announces Special Spring Trade Promotion
Walker Exhaust is offering a special spring trade promotion that enables undercar professionals to earn $25 gift cards, be entered into weekly $500 cash giveaways and participate in a sweepstakes drawing for a premium home theater system.
Federal-Mogul Appoints Jay Burkhart, Vice President, Global Marketing and Brand Strategy
Federal-Mogul has appointed Jay Burkhart to vice president, global marketing and brand strategy. In this new role, he will be responsible for marketing and brand strategy in aftermarket sales locations throughout the world. Prior to this promotion, Burkhart, who joined the company in 1998, was responsible for marketing in the North American aftermarket. He has been instrumental in helping the Federal-Mogul North American aftermarket organization achieve record performance in sales and numerous awards for marketing excellence, including most recently, the prestigious PACE Award for product innovation.