Proliance International Joins New Russell Microcap Index
Proliance International has joined the Russell Microcap Index, following the completion of Russell’s annual reconstitution of its family of U.S. indices on June 30. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for both passive and active investment strategies. An industry-leading $3.8 trillion in assets are currently benchmarked to all of the Russell indexes. Investment managers who oversee these funds purchase shares of member stocks according to that company’s weighting in the particular index.
Proliance International Reports Fourth Quarter and Year-End 2005 Results
Proliance International has announced results for the fourth quarter and year, which ended Dec. 31, 2005. Net sales in the fourth quarter of 2005 were $87.6 million, compared to $50.6 million in the fourth quarter of 2004, up 73.2 percent from last year, largely driven by the company’s recent merger, as well as organic growth in some product lines.
AISIN World Corp. Names New Manager of North American Aftermarket Sales
Charles Pariano recently joined AISIN World Corp of America as its new manager North American Aftermarket sales. In this role, he will be responsible for sales and marketing strategies in North America. As an automotive parts distributor, AISIN sells a wide range of products worldwide, including brake and chassis, drivetrain and engine products. Based in Plymouth, MI, the company established its U.S. headquarters in 1970.
Smaller Auto Parts Suppliers Find Strength in Numbers
Mergers and acquisitions are helping automotive parts suppliers survive tough times, a new industry report says. But unlike the frenzy of highly publicized mega deals in the 1990s, many of the current mergers and acquisitions are smaller and more focused, said Mark Short, author of the report from the Ernst & Young Global Automotive Center in Troy, MI. In some cases, small and midsize companies are pairing up to take business away from larger competitors.
Parts Suppliers Face Rocky Road
About one-third of the automotive parts industry is probably headed for bankruptcy. The chilling prediction comes from Sean McAlinden, chief economist at the Center for Automotive Research in Ann Arbor, MI. He spoke at a conference for automotive writers Saturday, a week before the North American International Auto Show opens to the public Jan. 14 at Detroit’s Cobo Conference and Exhibition Center.
AMN’s Top Ten Week: Top Ten News Stories
If nothing else has been made clear by the events taking place in the automotive industry over the past 12 months, this much is true: The automotive aftermarket is changing — in dramatic ways. Here, the editorial staffs of Counterman and aftermarketNews takes a month-by-month look at the key events that have shaped this industry’s destiny over the past year.
Proliance International Reports Third Quarter Results
Proliance International, Inc. posted a net income of $3.3 million for the third quarter ending September 30. This included extraordinary income associated with the write-off of negative goodwill amounting to $13.2 million generated from the merger transaction between Transpro and Modine Manufacturing Co.’s aftermarket business, said Charles Johnson, president and CEO of Proliance.
Proliance Announces Continuation of Restructuring Program
Proliance International announced it was initiating further actions under the $10 million to $14 million restructuring program associated with the merger in which Modine Manufacturing Co.’s aftermarket business was merged into Transpro to create Proliance.
Executive Interview with Charles E. Johnson, President, Chief Executive Officer and Director of Proliance International
Charley Johnson is president, CEO and director of Proliance International, Inc. based in New Haven, CT. Johnson joined Proliance (which was formed by the July 2005 merger of Transpro, Inc. and Modine Aftermarket Holdings) in March 2001, ending a broad search for a new CEO of Transpro. The company’s customers include the leaders in aftermarket automotive distribution, such as AutoZone, NAPA, Advance, Pep Boys, O’Reilly and CARQUEST, among others. AftermakretNews.com spoke with Johnson about the origins of the merger, the challenges ahead and how the name Proliance came to be.
Transpro Names New Executive VP and New VP of Business Integration
Transpro has added two new positions to its management team. David Albert has been promoted to the position of executive vice president, operations of Transpro, Inc. reporting to Charles Johnson, president and CEO, and Jonathan Moyer has been appointed to the position of vice president business integration. Both are newly created positions for the company.