Michelin Workers Could Strike
Based on statements made by United Steelworkers of America (USWA) negotiators in Pittsburgh, workers at unionized Michelin North America plants in the U.S. could go on strike if a new contract isn’t reached by USWA’s Aug. 11 deadline.
ABRA Announces Management Reorganization
ABRA Auto Body & Glass, a national damaged vehicle repair company based in Minneapolis, has reorganized its executive management team. ABRA Auto Body & Glass, a national damaged vehicle repair company based in Minneapolis, has reorganized its executive management team. Replacing Adelmann as COO is Glenn Mahoney, who joined ABRA on July 20.
Manufacturing Mass Layoffs Edge Up
The number of mass layoffs in U.S. manufacturing rose slightly to 222 in June from 219 in May, the U.S. Department of Labor reported July 22. The number of workers affected rose as well, increasing to 27,307 in June from 22,141 in May. The department defines monthly mass layoffs as a loss of jobs affecting 50 or more workers from a single establishment. The number of workers affected is calculated from new filings for unemployment insurance benefits.
Federal-Mogul Reports Second Quarter 2004 Results
Federal-Mogul has reported its financial results for the second quarter, which ended on June 30. Federal-Mogul reported 2004 second quarter net sales of $1,577 million, an increase of $149 million or 10 percent when compared to net sales of $1,428 million for the same period in 2003. Second quarter 2004 sales benefited from $44 million of foreign currency, higher volumes in both the Original Equipment (OE) and the aftermarket and new business growth in both markets. Customer price reductions partially offset these positive factors.
Visteon Reports Improved Second Quarter Earnings
Visteon Corp. reported second quarter 2004 net income of $31 million, or 24 cents per share. These results are an improvement of $198 million, or $1.57 per share, compared to a net loss of $167 million, or $1.33 per share, in the second quarter 2003. Second quarter results include after-tax special charges of $3 million in 2004 and $170 million in 2003.
Lord Corp. Takes Automotive Body Repair Product Line to Latin America
Lord Corp., maker of Fusor Automotive Repair Adhesives metal and composite bonding solution for automotive body repair, is launching its training curriculum and product line in Latin America through its Latin American counterpart, Lord de Mexico.
Federal-Mogul to Close Greenville, Mich., Auto Bearings Plant
After plant workers at Federal-Mogul’s Greenville, Mich., auto bearings plant rejected a contract that would cut wages, health benefits and vacation time, the company has announced it will move the plant’s production elsewhere. According to a report from the Detroit Free Press, Federal-Mogul was seeking $5.35 million to $5.5 million in wage and benefit concessions in order to keep the plant open and maintain the plant’s 310 jobs. Members of the United Auto Workers Local 2017 rejected the deal on Sunday.
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.
DST Asks: Does Your Computer Business System Help You Manage Inventory Consigned to Customers?
“The only way you could ever do business with me is if you gave me your product for free.” Somewhere along the line, a supplier frustrated in his inability to convince a retailer to carry a product line heard that rejection for the umpteenth time and finally decided to take the retailer up on it…literally. He thought, “Why not give him our product for free?” The concept of vendor consigned inventory was born.
Monro Muffler Brake Announces Fourth Quarter and Record Full Year Results
Monro Muffler Brake has announced its financial results for the fourth quarter and year, which ended on March 27. The company said the results were in line with the previously announced expectations. Full year sales increased 8.3 percent to $279.5 million from $258 million in fiscal 2003, driven by a 4.7 percent increase in comparable store sales. New stores added $10.9 million, including $3.5 million from the newly-acquired Mr. Tire stores. The company attributed comparable store sales results to an approximate 16 percent increase in scheduled maintenance, a 6 percent increase in brake sales and a 19 percent increase in commercial sales.