Metaldyne Launches Internal Inquiry
Auto supplier Metaldyne Corp. has launched an internal investigation into questionable accounting practices for the last seven years that could have resulted in overstating the company’s earnings by $20 million. The error was followed by a cover-up to balance the books, the company said.
Continental to Acquire Phoenix AG
Continental AG has said it intends to acquire Phoenix AG of Hamburg, Germany. Continental will launch a public tender offer of EUR 15 per share (approximately $18 per share) for all outstanding shares of Phoenix AG. Officials at Continental AG said the company views the proposed takeover as a significant step in its strategy of further developing its ContiTech division, a leading global supplier of technical elastomers.
Aftermarket Leaders to Discuss Industry Trends at GAAS
A foursome of distributor and retail leaders will share their thoughts on aftermarket industry trends on Wednesday, May 19, at the ninth annual Global Automotive Aftermarket Symposium (GAAS). GAAS 2004 will take place on Tuesday and Wednesday, May 18-19, at the Hyatt Regency, Chicago.
Executive Interview with Joe Puishys, President of Honeywell Friction Materials
Our latest edition of “Executive Interview” features Joe Puishys, president of Honeywell Friction Materials. A 25-year veteran of the company’s automotive businesses, Joe Puishys has served as president of Honeywell Friction Materials since early 2002. His responsibilities include overseeing the most recent corporate effort to align closely with Honeywell’s business initiatives and operating plan. He has already played a major role in the cost cutting and six sigma programs occurring throughout the organization. Join us as Puishys gives us an update on Honeywell Friction Materials, including plans to expand manufacturing operations and launch new products.
Experts to Discuss Asia-Pacific Aftermarket Opportunities at GAAS
The ninth annual Global Automotive Aftermarket Symposium (GAAS) will look into aftermarket opportunities in what many consider the hottest region of the world, the Asia-Pacific region, during a panel discussion on Tuesday, May 18. The panel will examine the rewards and challenges of doing business in the region — especially China and India — two of the largest and fastest-growing markets.
BorgWarner Morse TEC Opens Plant in Korea
BorgWarner Morse TEC has taken a major step forward in its strategic globalization plan with the opening of new plant in Korea. Morse TEC Korea was formed in 2002 in support of the company’s business relationship with Hyundai Motor Co. The new 34,250-square-foot plant is located in Pyongtaek, Gyeonggi Province, Korea.
Cooper to Explore Sale of Automotive Business
Cooper Tire & Rubber is considering selling its Cooper-Standard Automotive Group. According to Thomas Dattilo, chairman, president and CEO of Cooper Tire & Rubber, said the company will be best served at this time by focusing on its tire business.
ArvinMeritor Unveils New Educational Shock and Strut Web Site
ArvinMeritor’s Light Vehicle Aftermarket (LVA) group has unveiled a new informational Web site designed to educate consumers on shock and strut care. The site — www.checkyourshocks.com — features information and simple graphics to help the consumer easily learn and understand the aspects of shock and strut care.
Dana Combines Two Business Units
Following a year of major changes for Dana, the company is continuing to streamline its business through reorganization efforts. Following a year of major changes for Dana, the company is continuing to streamline its business through reorganization efforts.
Timken Named to Fortune 500
Canton, Ohio-based manufacturer Timken Co. was named to Fortune magazine’s Fortune 500 listing of the largest companies in the U.S. With $3.8 billion in sales in 2003, Timken is ranked 444 overall and 12 on Fortune’s list of industrial and farm equipment manufacturers.