Oshkosh Offers Downward Revisions Third Quarter, Full Year 2008 Estimates
Oshkosh Corp. said today it expects a loss of approximately $1.22 to $1.32 per share for its third quarter of fiscal 2008, compared to its prior earnings per share (EPS) estimate range of $1.40 to $1.50 of income for the quarter. The company said the expected loss relates to a non-cash charge for the impairment of goodwill to be recorded in connection with its European refuse collection vehicle manufacturer, the Geesink Norba Group. The impact of the impairment charge on third fiscal quarter earnings is estimated to be approximately $175 million, or $2.32 per share.
Bosch to be Tier 1 Strategic Partner for 2009 SAE World Congress
FARMINGTON HILLS, Mich. — The Bosch Group will serve as Tier 1 Strategic Partner for the 2009 Society of Automotive Engineers (SAE) World Congress, April 20-23 at COBO Center in Detroit. The Congress’ 2009 host company, Honda, recently identified ‘Racing to Green Mobility’ as the theme of next year’s Congress. "Honda has created a timely
Green Earth Technologies Names New CFO
Green Earth Technologies has appointed Greg Adams, 47, as its new chief financial officer (CFO), succeeding Gordon Donovan, who has chosen not to relocate to company headquarters in Connecticut. From 1999 to 2007, Adams served as CFO of EDGAR Online Inc., a provider of business information. In January 2003, he added the responsibilities of chief operating officer and in 2004 was appointed as a member of the company’s board of directors.
CEO of Plastech Could Benefit in Sale
The founder of Plastech Engineered Products Inc. could be paid more than $9 million when her company is sold. As the 20-year-old supplier liquidates, bankruptcy lawyers for Plastech have asked U.S. Bankruptcy Judge Phillip Shefferly to approve several settlements, including a deal that would give Plastech CEO and majority owner Julie Brown $9.25 million.
Executive Interview with Matt Guden, Business Development Manager, Everco
Matt Guden is the business development manager for Everco Heavy Duty. In this position, he is responsible for market analysis, creating and managing brands for all markets, communicating with existing customers and the sales force and helping customers manage their inventories, in addition to product promotions and other marketing functions. Join us as Guden re-introduces the Everco Heavy Duty brand and talks about the company’s brand strategy going forward.
NASCAR Technical Institute Hosts WIX Filters at Mooresville Campus
MOORESVILLE, N.C. — As part of WIX Filters and Affinia Group Inc.’s commitment to automotive technician education, WIX met with more than 1,100 students during the inaugural WIX Filters Day at the Mooresville, N.C., campus of NASCAR Technical Institute (NTI), a division of Universal Technical Institute, Inc. (UTI). “With our industry-leading WIX Institute of Filtration
Belron US to Acquire Assets of Diamond Glass
Vehicle glass repair and replacement company Belron US has reached an agreement to acquire substantially all the assets of Diamond Glass for $50 million plus the assumption of various liabilities. The deal is subject to approval by the United States Bankruptcy Court and any required regulatory approvals. Diamond filed for Chapter 11 bankruptcy protection on April 1 and was put up for sale under an S363 process.
United Auto Supply Celebrates 50th Anniversary
United Auto Supply, a longtime Federated member based in LaCrosse, Wis., is celebrating its 50th year of business in 2008. United Auto Supply was founded as a single auto parts store in LaCrosse in 1958. Today, United Auto Supply, which has been a Federated member for 23 years, has 14 locations, serving western Wisconsin, southeast Minnesota and northeast Iowa.
Brembo Expands in Michigan
Brembo will consolidate its corporate and technical groups from Northville, Mich.; Farmington Hills, Mich.; and Costa Mesa, Calif.; into new headquarters to be built in Novi, Mich. The subsidiary of Bergamo, Italy-based Brembo S.p.A. will also expand capacity at its manufacturing facility in Homer (Calhoun County). The combined project is expected to retain and create 325 jobs for a total of 1,049 Michigan jobs for Brembo.
APRA Joins ASA as New Associate Member
BEDFORD, Texas – The Automotive Service Association (ASA) has announced that the Automotive Parts Remanufacturers Association (APRA) has joined as an associate member. APRA is a non-profit trade association serving more than 1,000 companies involved in the $35-billion-per-year motor vehicle parts remanufacturing industry. “I am particularly excited about APRA joining ASA,” said John Scully, ASA’s