Ewing to Buy Key Auto Stakes from Carlyle Group
As part of the unwinding of their relationship, Ewing Management Group has agreed to buy Carlyle Group’s stake in Key Automotive Group, as well as a stake held by Lightyear Capital. Key Automotive was formed by putting Key Plastics LLC, acquired for about $175 million in 2001, under the same roof with Breed Technologies, Inc., which Ewing had bought out of bankruptcy in 2001 for a reported $315 million. Breed was later renamed Key Safety Systems, Inc. and moved its headquarters to Michigan, where Key Plastics is based.
American Tire Distributors to Offer Continental Tires
Continental Tire North America (CTNA) and American Tire Distributors Inc. (ATD) announced July 29 that ATD will begin selling Continental and General brand tires through its national network of distribution centers beginning in August 2004.
SEMA Awards Record Amount in Scholarships
As the SEMA Memorial Scholarship Fund celebrates its 20th year of giving, the association has announced it awarded students a record number of scholarships this year. Seventy-five students preparing for careers in the automotive industry received individual awards of up to $4,000, for a total of $110,000 in scholarships.
TV, Movies Elevate Popularity of the Custom Car
The black Honda Prelude with hints of pearl blue beckons you to take a ride to hear its 800-watt amplified stereo blasting OutKast’s “Roses,” to sit in its gray racing seats and watch through tinted windows as people stare enviously. Tricking out vehicles has long been a part of American culture. Whether it’s a hot rod, monster truck or chromed-out Chevrolet, we want our rides to express our personalities. Today it’s a $29-billion industry highlighted in movies and cable programs.
Intermet Names President and CEO Gary Ruff as Chairman and CEO; John Doddridge Retires
The board of directors of Intermet Corp., has unanimously elected President and CEO Gary Ruff to chairman and CEO, effective immediately.
Carlisle Companies Acquires Specialty Tire and Wheel Business
Carlisle Companies Inc., a diversified global manufacturing company that serves the specialty tire and wheel, power transmission and automotive industries, has acquired Trintex Corp.’s specialty tire and wheel business. With operations in Bowdon, Ga., Trintex manufactures semi-pneumatic tires and wheels for lawn and garden and industrial markets. The company has annual revenues of approximately $33 million.
Lund International Acquires California Aftermarket Accessories Business
Lund International has completed the purchase of certain assets of Trenz, a wholly owned subsidiary of PAC Holding Co., located in Bakersfield, Calif. On May 20, Lund International entered into an Asset Purchase Agreement offering to purchase substantially all of Trenz’s assets out of the PAC Holding Co. Chapter 11 Bankruptcy case filed in the U.S. Bankruptcy Court for the District of Delaware. On June 22, the Bankruptcy Court authorized the sale of Trenz’s assets to the company.
Keystone Automotive Industries Reports Fourth Quarter, Year-End Results
Keystone Automotive Industries has reported results for its fourth quarter and fiscal year, which ended on March 26. The company said it surpassed the $500 million sales milestone for the year. Keystone distributes products primarily to collision repair shops through 125 distribution facilities, located in 38 states and Canada. The company’s product lines consist of automotive body parts, bumpers and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle.
American Products Co. to be Featured Tonight on New TLC Show Overhaulin’
American Products Company (APC), a leading automotive aftermarket manufacturer of performance and accessory products, will be featured tonight, Tuesday, May 25, on an episode of the new TLC cable channel series “Overhaulin’.” Hosted by legendary fabricator Chip Foose, the show dupes unsuspecting vehicle owners by surreptitiously removing their vehicles and tricking them out without their knowledge. The vehicle is then returned to its owner during a surprise “reveal” in a completely modified, tricked, tuned and transformed configuration.
As U.S. Gas Prices Rise, Pep Boys Offers Tips to Help Customers Improve Fuel Efficiency
As gas prices reach $2 per gallon or more in some regions, Pep Boys is using this as an opportunity to inform consumers about ways to improve fuel efficiency of vehicles.