Automotive Accessories are Clever, Practical
Torque? Struts? Rack-and-pinion steering? Maybe they are important. But what we really want to know is if the console is big enough to store a purse. Or if there’s a way to secure the grocery bags. Or if there’s a place to stow the kids’ DVDs.
David Dobson Joins Alcoa as President of Its Engineered Products Business
David Dobson has been named president of Alcoa Engineered Products, the Alcoa business which supplies extruded aluminum products to customers worldwide in a variety of industries, including automotive and commercial transportation.
ArvinMeritor President and COO Terry O’Rourke Resigns
ArvinMeritor announced late yesterday that Terry O’Rourke is resigning from his position as president and COO, to pursue opportunities outside of the company. O’Rourke is resigning from the board of directors as well. The COO position will be eliminated. O’Rourke joined ArvinMeritor as president of the company’s Light Vehicle Systems (LVS) business group in March 1999, after serving as group vice president and president of Lear Corp.’s Ford Division.
Hayes Lemmerz Renames European Wheel Group
Hayes Lemmerz International has changed the name of its European Wheel Group to the International Wheel Group. The company said the new name is intended to reflect the increased global awareness and presence of the group. The International Wheel Group has undergone extensive growth in areas outside of Europe, including South Africa, India, Brazil, Thailand, Mexico and Turkey, according to Fred Bentley, president of Hayes Lemmerz’ International Wheel Group.
ArvinMeritor Reports Fiscal Year 2004 First-Quarter Results
ArvinMeritor reported sales of $2.2 billion and net income of $19 million, or $0.28 per diluted share, for its first fiscal quarter, which ended Dec. 31, 2003. This is compared to the prior year’s first-quarter net income of $32 million, or $0.47 per diluted share. Results for the first quarter of 2004 include a net charge of $0.09 per diluted share as a result of the company’s decision to withdraw its tender offer to acquire all of the outstanding shares of Dana Corp. This charge includes $16 million of pre-tax costs, partially offset by a pre-tax gain of $7 million on the sale of Dana stock owned by the company.
Tenneco Automotive Reports Fourth Quarter, Full Year Operating Results
Tenneco Automotive has reported a fourth quarter net loss of $2 million, or four cents per diluted share, compared with fourth quarter 2002 net income of $9 million, or 21 cents per diluted share. The company reported full year 2003 net income of $27 million, or 65 cents per diluted share, compared with net income before an accounting change in 2002 of $31 million, or 74 cents per diluted share.
Modine Expands Aftermarket Radiator Model Coverage
The aftermarket division of Modine Manufacturing has added more than 100 complete replacement radiators to its 2004 product line. The expanded radiator line, currently available, includes thousands of applications from domestic and import cars and light trucks. Modine’s aftermarket supplies replacement radiators both nationally and internationally, including distribution through major national accounts like NAPA, Pronto, Parts Plus, APA, independent automotive parts distributors, and more than 25,000 local repair outlets.
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.
Visteon’s Biggest Loss Pushes Stock Down
Wall Street pounded Visteon Corp. stock Friday after the former parts division of Ford Motor Co. reported by far the biggest quarterly loss in its short history as an independent company and underwhelmed investors with its expectations for the first quarter of 2004. Visteon reported a loss of $863 million, or $6.87 per share, for the final three months of 2003, bringing the full-year loss to $1.2 billion, or $9.65 per share. Over the last three years, Visteon has lost about $1.7 billion.
OE and Replacement Tire Shipments Increased in 2003
Medium truck tire shipments in 2003 – both OE and replacement – saw their biggest increases in years, according to preliminary tire shipment data released by the Rubber Manufacturers Association (RMA). Meanwhile shipments of passenger and light truck tires saw only modest growth. Despite a wild year of carmaker and dealer incentives, it doesn’t appear the OE market had such a good 2003. Compared to 2002 shipments, OE P-metric tire shipments actually fell 4.9 percent, totaling 54.54 million units. Meanwhile, OE shipments of LT-metric tires fell 4.2 percent vs. 2002, reaching just 7.95 million units for the year.