Safety Components International CEO John Corey Resigns, Takes Top Post at Stoneridge
The board of directors for Safety Components, a low-cost supplier of automotive airbag fabric and cushions, has voted to appoint Vice President and CFO Brian Menezes interim president and CEO, following the announcement that current President and CEO John Corey has resigned. Corey has accepted the position of president and CEO of Stoneridge, Inc., a publicly traded manufacturer of electronic parts and accessories for motor vehicles.
Lear May Bid on Collins & Aikman
Lear Corp. is considering a bid to purchase bankrupt interior supplier Collins & Aikman Corp., according to a source close to the situation. The combination of the two companies would create the world’s third-biggest automotive supplier, with nearly $21 billion in sales, and enhance Lear’s standing as the industry’s largest supplier of interiors, with most major car companies as customers.
Honda Reveals Rare Price Increase, Cites Rising Steel Costs Among Factors
Prices of most Honda and luxury-brand Acura models being delivered to dealerships starting this week will be an average $150 higher, Honda said Monday. Honda has said its first general price increase since 1994 is because of rising costs for steel and currency exchange factors. The sticker boost affects all models except the Acura NSX and Honda Element, Insight and Civic LX SE.
Auto Part Suppliers Study Jobs
Automotive jobs will continue to leave Michigan, but there are remedies, says a report on the future of manufacturing to be delivered today at the opening session of the Society of Automotive Engineers World Congress in Cobo Center in Detroit. The U.S. is expected to see an 11 percent drop in its automotive production jobs by 2010, according to “The Odyssey of the Auto Industry” a study conducted by Roland Berger Strategy Consultants for the Original Equipment Suppliers Association.
Auto Suppliers Under Pressure to Shift Production Abroad
A new study soon to be released by the Society of Automotive Engineers (SAE) is showing that the pressure to move automotive manufacturing jobs abroad will continue, despite federal and local government efforts to maintain or increase industry employment levels in the U.S. The SAE will release the report at the 2004 SAE World Congress in Detroit next month. The study, which is still under development, will outline “best practices” for global automotive suppliers. The Odyssey study seeks to help suppliers understand how their global manufacturing operations will need to change and how best to make those changes to survive and thrive.