SEMA Holds Charity eBay Auction to Benefit Childhelp and Victory Junction Gang Camp; Auction Ends Friday
DIAMOND BAR, Calif. — During last year’s SEMA Installation Banquet, SEMA held a series of activities to raise funds for two worthy charities: Childhelp and Victory Junction Gang Camp. More than $175,000 was donated to the two groups. This year’s SEMA Installation Banquet & Gala Fundraiser will be held on July 25 in Irvine, Calif.
Pirelli Says it has No Interest in Continental
Pirelli SpA stated publicly that it has no interest in making a run at Continental AG or any of its business units, according to reports. "We have had no direct or indirect contact and have no interest in either Continental or its tire division," a spokesperson for Pirelli said in reports. Some European stock analysts
The Week in Review (July 14-18, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the
GPC Reports Record Sales and Earnings for the Second Quarter, Six Months
Genuine Parts Co. reported record sales and earnings for the second quarter and six months ended June 30. Thomas Gallagher, chairman, president and chief executive officer, announced today that sales totaling $2.87 billion were up 4 percent compared to the second quarter of 2007. Net income for the quarter was $133.1 million, an increase of 2 percent over $130.1 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 81 cents, up 7 percent compared to 76 cents for the second quarter last year.
PPG Posts 42 Percent Sales Gain, 12 Percent Adjusted Earnings per Share Growth
PITTSBURGH — PPG Industries has reported record sales for the second quarter of $4.5 billion, surpassing the prior year’s second quarter results by 42 percent. Second quarter reported net income was $250 million, or $1.51 per share. Adjusted net income, excluding the operating results of the automotive glass and services (AG&S) business, which is pending
Mitarotonda Named Non-Executive Chairman of Pep Boys; Interim CEO Odell Appointed to Board
PHILADELPHIA — Pep Boys has appointed James Mitarotonda non-executive chairman of the board of directors. Mitarotonda succeeds William Leonard, who resigned from the board for personal reasons. In addition, Interim Chief Executive Officer Michael Odell was appointed to the board. Odell has been serving as Pep Boys’ Interim CEO since April 23. Mitarotonda, 53, has
Tim Leuliette Elected President and CEO of DURA Automotive Systems; Larry Denton Steps Down
DURA Automotive Systems announced today that its board of directors has named Timothy Leuliette president and CEO, effective today. He succeeds Larry Denton, who elected to leave the company after successfully leading DURA through a 20-month reorganization and emergence from Chapter 11.
Conti Takeover Run Takes Twists and Turns
News about Schaeffler Group’s run at Continental AG continues to come fast and furious, with European financial analysts now weighing in on how they see the deal going down. Analyst comments include speculation that Schaeffler would seek to break up Conti, selling off its component businesses – including its tire operations. What is known is that Schaeffler – directly and indirectly – controls some 36 percent of Continental shares, and that Conti executives have rejected Schaeffler’s takeover overtures as being too low for the value of the company.
Run at Continental Intensifies
German car parts maker Schaeffler Group said it now controls 36 percent of Continental AG, which it acquired through third parties. Despite reports that Schaeffler Group only wants to maintain a minority stake in Continental, and not mount a full-blown takeover bid, Continental executives are reportedly working on plans to thwart any outside bid.
Affinia
In an effort to provide more focus on enhanced efficiency and responsive customer relationships, Affinia Group has announced it is “retooling” the company’s organization with the assignment of focused global responsibilities to presidents of Global Filtration and Global Brake & Chassis business units. Keith Wilson will continue to serve as president, Global Filtration, while H. David Overbeeke, a senior executive with an extensive financial and management background largely with GE, has joined Affinia as president, Global Brake & Chassis. Overbeeke fills the role previously held by John Washbish, former president of Affinia’s Under Vehicle Group.