Ford Puts Computer in Truck; Delphi Hypes Satellite Radio
Personal technology is becoming a significant part of our driving experience. At this year’s Consumer Electronics Show in Las Vegas, carmakers and automotive suppliers had plenty of visibility.
R. L. Polk Europe Announces Management Changes
R. L. Polk & Co. named four executives to key European management positions. Kendra Rawls is appointed managing director, R. L. Polk Europe; Dominic Clare, director, product strategy, R. L. Polk Europe; Todd Fleischhauer, country director, U.K., and Markus Fromgen, country director, Germany.
International Auto Components Buys Collins & Aikman Europe
International Auto Components Group (IAC), the joint venture company recently formed by WL Ross & Co. LLC, Franklin Mutual Advisers LLC, and Lear Corp., has signed a definitive agreement to acquire from Collins & Aikman Europe (C&A) its $600 million operations in Austria, Belgium, Czech Republic, Germany, Netherlands, Slovakia, Spain, Sweden and the United Kingdom. These operations serve Ford, General Motors, DaimlerChrysler, Porsche, Saab, Volkswagen, Volvo and other original equipment manufacturers.
Visteon/Ford Transaction on Track to Close by September 30
Visteon Corporation announced that the transaction with Ford Motor Company remains on schedule to close on or before Sept. 30, 2005, as contemplated by the memorandum of understanding (MOU) announced on May 25, 2005. Visteon also reported on the status of the independent review being directed by the Audit Committee of the Board of Directors, as previously announced on May 10, 2005.
Oxford Automotive Emerges from Chapter 11 Bankruptcy
Oxford Automotive last week announced its successful emergence from Chapter 11 Bankruptcy Protection. Oxford filed for protection in early December 2004 with the U.S. Bankruptcy Court for the Eastern District of Michigan. Oxford’s reorganization plan provides for the sale and/or liquidation of its North American businesses, while preserving its successful European operations. Oxford Automotive will continue to operate exclusively in Europe under the direction of a newly appointed board and ownership.
Oxford Automotive Files for Bankruptcy
Oxford Automotive on Tuesday, Dec. 7, placed its North American units into Chapter 11 and plans to reorganize around its European operations. A source said Oxford’s bondholders struck a deal with the company under which they would receive much of the stock of the reorganized company.
Ford Puts Jaguar Racing and Cosworth Up for Sale; Jaguar Plant in U.K. to Close
A recent article on the Grandprix.com Web site this week said that Ford Motor Co. has put Jaguar Racing and Cosworth up for sale. The two entities are expected to leave Formula 1 at the end of the year unless new buyers can be found. In related news, Ford’s European operations announced it will close Jaguar’s Brown’s Lane plant in Coventry, U.K., in September 2005.
Caterpillar Buys Leading European Automotive Engine Remanufacturer
Caterpillar is expanding its remanufacturing business through the purchase of Wealdstone Engineering Ltd., one of Europe’s leading remanufacturers of gasoline and diesel engines. Wealdstone is a privately held company based in the U.K. Caterpillar Remanufacturing Services (“Cat Reman”) currently has six facilities located in the U.S., Mexico and Europe serving the automotive power train remanufacturing business.
Oxford Automotive, Inc. Sells Mexican Plant and Amends Credit Agreement
Oxford Automotive, Inc. announced the closing of the sale of its manufacturing facility located in Ramos Arizpe, Mexico for approximately $40 million (including $3 million to be held in escrow). Pending investment of the net proceeds in capital assets, the company has applied the funds to reduce the amount currently outstanding under its revolving credit facility.
Stanford Business School Study Finds Economic Incentives Do Inspire New Products – To a Point
With product life cycles becoming ever shorter, today’s key to market success is speed — continuously creating new items or ever more novel iterations of old ones. Nissan, for instance, has succeeded in a tough automotive market by focusing on frequently designing new models. Logitech has produced a string of ever-changing mice and keyboards in the computer industry. This emphasis on rapid change means that finding ways to motivate product development managers has become critical to business success.