Dana and GETRAG Sign Joint-Venture Agreement with Volvo
A recently formed joint venture company between Dana and GETRAG has signed an agreement with Volvo Car Corp. (VCC) to purchase a 60-percent interest in VCC’s operations in Koping, Sweden. The resulting joint venture with VCC will be known as GETRAG All Wheel Drive AB, a Dana/GETRAG Co. The company will produce all-wheel-drive (AWD) and chassis systems and components for passenger cars and sport-utility vehicles.
Visteon Projects Profit After Losses
Visteon Corp. expects to earn a small net profit this year after losing at least $1.6 billion from 2001 to 2003, executives said Thursday. If Visteon turns a profit this year, it would be the first since 2000, the year the auto parts maker separated from Ford Motor Co. In a briefing for Wall Street analysts in conjunction with the North American International Auto Show, Visteon laid out its financial expectations for the first time in at least a year.
Lear Bases Rosy Outlook on Economy, New Sales
Auto-interiors supplier Lear Corp. said Thursday it would grow its profit in 2004 as the company reaps the benefits of new business and an improving economy. Lear, in a presentation with analysts in conjunction with the North American International Auto Show, said it expects to earn $5.85 to $6.25 per share this year, in line with the analyst consensus estimate of $6.11. The forecast also beats the 2003 earnings-per-share consensus estimate of $5.51.
Motor Industry Chiefs See More Mergers and Acquisitions Ahead, Especially in Asia
Automotive executives are losing their taste for strategic alliances and expect to see an increase in mergers and acquisitions in the industry over the next five years, particularly in Asia, according to the results of the fifth annual survey of the automotive industry by consultancy KPMG LLP. Consolidation was seen as occurring globally, but respondents in particular focused on Asia, where 73 percent said they expect an increase. Sixty percent pointed to an increase in Europe, while 50 percent of those polled saw stepped up M&A activity in North America.
Bridgestone Americas’ Lampe To Retire
John Lampe, chairman, CEO and president of Bridgestone Americas Holding, who led the company’s remarkable recovery after devastating tire recalls in late 2000 and early 2001, announced today that he is retiring effective Mar. 31. He will be succeeded as chairman and CEO of BAH by Mark Emkes, currently chairman, CEO and president of Bridgestone/Firestone North American Tire (BFNAT). Lampe announced his retirement this afternoon during a company-wide live Web cast and conference call. In addition, Lampe and Emkes granted Tire Review an exclusive in-depth interview about the retirement and the company’s future plans earlier this morning.
Nearly 35,000 Manufacturing Professionals Expected at National Manufacturing Week
Nearly 35,000 manufacturing professionals from more than 10,000 companies are expected at National Manufacturing Week (NMW), scheduled to take place Monday, Feb. 23, through Thursday, Feb. 26, in Chicago. The event is organized by the National Association of Manufacturers (NAM). The latest in innovative manufacturing technologies and processes will be featured at the event. NMW’s six shows cover design engineering; plant engineering and facilities management; industrial automation; enterprise IT; technology and cleaning technology.
Roush Acquires Mountune Racing
As part of its strategy to expand its European engineering operations Roush has acquired England-based Mountune Racing Limited. The company said this acquisition will also address the growing demand for small-displacement, high-performance engines in the U.S. Mountune Racing will become a wholly owned division of Roush, and will be located within Roush’s Brentwood, England, facility.
Tesma International Completes Acquisition of Davis Industries
Tesma International has completed its acquisition of Davis Industries. Tesma announced its intention to acquire all outstanding shares of the privately-held automotive supplier in mid-December. Terms of the transaction were not disclosed. According to Tesma, Davis’ main product focus, in the area of stamped powertrain components and assemblies, will complement and broaden Tesma’s current product offerings and customer base.
Michelin, TRW Automotive Joint Venture Awarded Contracts for TPMS
EnTire Solutions, the joint venture between Michelin and TRW Automotive, has been awarded contracts with Honda and Fiat for its direct tire pressure monitoring system (TPMS). Launched at the Tokyo Motor Show in October, EnTire Solutions is now supplying TPMS for the 2004 Acura MDX luxury sport utility vehicle and has also been selected by Fiat to provide advanced TPMS for a range of its upcoming European models. Other customers include several Hyundai, Kia platforms and General Motors.
Executive Interview with Wolfgang Winzer, Vice President and General Manager of Siemens VDO Automotive Corp. Service & Special Solutions, North America
Our latest edition of “Executive Interview” features Wolfgang Winzer, vice president and general manager of Siemens VDO Automotive Corp. Service & Special Solutions, North America. Winzer recently talked with aftermarketNews.com about the company’s extensive history in the OE market and how this will help them build a stronger aftermarket segment. He shared some of the company’s goals for its aftermarket business in the coming years.