Investment Group May be Making Another Play for Conti
Various news reports out of Europe indicate that a consortium of investment companies may make a play to buy a controlling interest in Continental AG. Earlier this year, a group led by Bain Capital made an offer for the German tire and automotive supplier but was rebuffed. The latest reports say that Bain, General Capital, Goldman Sachs, Permira and KKR may join forces to purchase Continental.
RADPRO Distribution Network Adds J-Mac Radiator as New Member
MINNEAPOLIS – RADPRO, a consortium of North American WDs, has announced J-Mac Radiator as the newest member of its nationwide distribution network. RADPRO was formed in 2002 by Automotive Cooling Products, Roppel Industries, Heatex Warehouse and AAA Premium Parts Warehouse. In December of 2004, Cancore Industries joined the group; Cooling Parts Southeast and B &
American Society of Body Engineers to Become an Affiliate of SAE Institute
The American Society of Body Engineers (ASBE) is currently being integrated into the Society of Automotive Engineers (SAE) Institute, an affiliate of SAE International. This merging is expected to be complete by Jan. 1, 2007. Organizations like ASBE benefit from the association with the SAE Institute by using its processes, procedures, infrastructure and legal framework. The formalized relationship with ASBE expands SAE International’s reach into the body-engineering area as well as provides an additional link to students in Southeast Michigan via an ASBE high-school initiative.
Johnson Controls, European Firm Continue Study of Lithium-ion Energy for Autos
A Johnson Controls hybrid battery technology joint venture has won a contract to pursue two more years of research into next-generation automotive batteries. Johnson Controls-Saft Advanced Power Solutions, a joint venture of Johnson Controls and the European battery company Saft, will aim to continue research on lithium-ion batteries, under a contract from the United States Advanced Battery Consortium.
Additional Details Emerge About Sale of Pirelli Tire Unit
Pirelli SpA said this weekend that its sale of a 39 percent share of its tire unit may evolve into an initial public offering of stock, this time in the holding company formed by the six banks that participated in the share purchase. The tiremaker said it had finalized its deal to sell a share of its global tire business for approximately $942 million. The holding company was created by Banca Intesa SpA, Capitalia SpA, JPMorgan Chase, Lehman Brothers, Mediobanca SpA and Banca Leonardo SpA.
Penda Corp. To Restructure
Penda Corp., a producer of truck bedliners, has reached an agreement between all of its stakeholders for a financial restructuring of the company. The new owner of the company is a consortium of North American based institutional investors. The financial restructuring follows an organizational alignment the company implemented over the last 12 months.
GM to Sell Controlling Stake in GMAC to Cerberus-Led Group
General Motors Corp. said Monday it has reached an agreement to sell a 51 percent controlling stake in its financing arm, General Motors Acceptance Corp., to a consortium of investors led by Cerberus Capital Management L.P., and including Citigroup Inc. and Japan’s Aozora Bank Ltd. GM expects to receive some $14 billion in cash from the transaction over three years. The deal strengthens GMAC’s ability to support GM’s automotive operations, improves GMAC’s access to cost-effective funding, provides significant liquidity to GM and allows GM to continue to participate in the profitability of GMAC over the long term through its 49 percent ownership stake, GM said in a press release.
U.S. Secretary of Labor Announces $5.9 Million Grant to Train Workers for Advanced Manufacturing Careers in Arkansas
U.S. Secretary of Labor Elaine Chao and Arkansas Governor Mike Huckabee announced a grant of approximately $5.9 million to help prepare Arkansas workers for advanced manufacturing careers as part of the President’s High Growth Job Training Initiative.
Three Leading Aftermarket Associations Collaborate to Investigate Industry Data Warehouse
Industry studies indicate that significant sales are lost each year due to old, inaccurate and inconsistent data available to aftermarket resellers. As a result, three of the leading automotive aftermarket trade associations have joined to initiate a study to determine the feasibility of an industry data repository and delivery system.
Three Leading Aftermarket Associations Collaborate to Investigate Industry Data Warehouse
Industry studies indicate that significant sales are lost each year due to old, inaccurate and inconsistent data available to aftermarket resellers. As a result, three of the leading automotive aftermarket trade associations have joined to initiate a study to determine the feasibility of an industry data repository and delivery system.