Linamar to Buy Out Wescast in Joint Venture; Reports Fourth Quarter Loss of $1.3 Million
Wescast Industries Inc. plans to sell its 50 percent stake in its European joint venture with Linamar Corp. to Linamar, the auto-parts makers announced Wednesday. The two companies were still negotiating the sale of Weslin Industries Inc., and did not provide any financial details of the transaction. In a conference call to discuss quarterly results, Linamar chief executive Linda Hasenfratz did not expect Weslin — a joint venture established in 1999 to manufacture iron automotive castings for the European market — would become profitable soon.
Small is Satisfactory: Dura Builds a Niche
So it’s not as big as Delphi. It doesn’t employ as many as Lear. But Lawrence Denton, chief executive for Dura Automotive Systems Inc., says he’s satisfied with his company’s size. Dura, he says, is just better off being small.
Transpro Signs Supply Agreement with Lordco
Transpro has been named a supplier of radiator and heater core programs for Lordco Inc., based in Vancouver, BC. Under the agreement, Transpro will supply Lordco with its Ready-Rad Radiator and Ready-Aire Heater Core product lines. The program will be rolled out to the Lordco distribution system throughout the month of March.
American Axle Pact Ratified; Supplier Gets the Right to Negotiate 2-Tier Wages
UAW members ratified a four-year contract with American Axle & Manufacturing Inc., after a one-day strike late last month that disrupted General Motors Corp. truck production. About 68 percent of the employees voted for the contract, the union said Monday. About 68 percent of the employees voted for the contract, the union said Monday.
DST Asks: Can Your Business Measure Return on Customer Investment?
Although most businesses have the means for measuring their Return On Investment, DST has coined the term Return on Customer Investment as a more accurate method of determining profitability of the customer base. Many firms believe that their largest customers, or the ones they have been supplying for the longest time, are the most profitable ones, but access to pertinent data can contradict those assumptions.
Bankrupt Venture Might Sell Some Assets
Bankrupt auto supplier Venture Corp. plans to put itself up for sale to see if there is any interest in the Fraser firm’s assets or business contracts, say lawyers and others familiar with the struggling company. Venture, which makes plastic parts such as instrument panels for the auto industry, has asked the U.S. Bankruptcy Court in Detroit for permission to market the company. A hearing to get approval and determine how marketing would be handled is scheduled for March 11.
Restructuring Charges Drive Midas to a Net Loss of $76.2 Million in 2003
Midas reported a net loss of $76.2 million — or $4.93 per diluted share — for fiscal 2003, which ended Jan. 3. Midas said the loss is primarily the result $102.6 million in charges related to its restructuring, completed in April. As part of the restructuring, Midas exited its wholesale distribution business and refocused its resources on retail franchising and real estate businesses.
Aftermarket eForum — Solutions Today for Tomorrow’s Technology Challenges
This year’s Aftermarket eForum — Solutions Today for Tomorrow’s Technology Challenges — will take place Monday, Aug. 2 through Wednesday, Aug. 4 at the Hyatt Regency O’Hare in Chicago. Building on the success of the past three years, the 2004 eForum will feature an expanded format that includes breakout sessions and a full vendor trade show. New technology and e-commerce are rapidly reshaping the vehicle aftermarket.
DST Asks: What Value Do You See in Sharing Detailed Sales Data?
An ongoing dilemma exists between all tiers of the supply chain due to the gulf caused by lack of collaboration and sharing of sales information that would ultimately benefit all — manufacturers, distributors, parts retailers and service providers. Where do you stand on these issues? Our objective is to generate the thought and dialogue that might provide energy to new initiatives. See our special offer at the end of this week’s column!
Executive Interview with Howard Kesten, President and Founder of Workboards
Our latest edition of “Executive Interview” features Howard Kesten, president and founder of Workboards, which launched the automotive job site, aftermarketJobs.com, in December 2003. A two-time guest speaker at AAPEX, Kesten is also founder and CEO of APA Search, Inc., an executive search and human resources consulting firm serving the automotive industry. In 18 years, he has placed more than 1,600 automotive professionals. Join us as Kesten provides an introduction to aftermarketJobs.com and shares with us his predictions for the future of the aftermarket and the job market.