NASCAR Driver Bill Lester to Give Keynote Address at GAAS
Bill Lester, driver of the No. 8 BHR Dodge in the NASCAR Craftsman Truck Series, will be the luncheon speaker on Tuesday, May 18, at the ninth annual Global Automotive Aftermarket Symposium (GAAS). GAAS 2004 will take place on May 18-19, at the Hyatt Regency, Chicago, Ill.
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.
Lord Corp. Opens New Michigan Facility
Lord Corp. — which makes specialty adhesives, polyurethane coatings as well as electronic, vibration and noise control solutions for the automotive market — has expanded its Detroit area facility in an effort to better serve the automotive market. Located on 4.8 acres in Wixom, Mich., the newly constructed 19,020-square-foot facility houses the company’s automotive sales office and includes a 7,736-square-foot high-technology formulation and testing laboratory, automotive aftermarket training classroom, and a garage for hands-on automotive application training.
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.
Crump to Chair NACE 2004 in Las Vegas
The International Autobody Congress & Exposition (NACE) has re-appointed Vernon Crump, body shop director for John Eagle Collision Center in Dallas, Texas, as chairman for NACE 2004, which will be held Nov. 3-6, in Las Vegas, to coincide with Automotive Aftermarket Industry Week (AAIW). Crump was NACE 2003 chairman and received accolades for his leadership and experience, and for the innovative programs he introduced at NACE to spotlight new technologies and to strengthen industry and global relationships.
TI Automotive Combines Regional Operations
TI Automotive, a leading supplier automotive fluid storage and delivery systems, has combined its regional operations for heating, ventilation and air conditioning (HVAC), in a move to help streamline its product development process.
Tower Automotive Acquires Remaining Shares of Seojin Industrial Co.
Tower Automotive has acquired Seojin Industrial Co. Ltd., a supplier of components to the Korean automotive industry. Tower previously held a 66 percent equity interest in Seojin and acquired the remaining shares as part of a settlement of an outstanding note from the minority interest partner.
Metaldyne Names Wendy Needham to Board of Directors
Metaldyne has named Wendy Beale Needham to the company’s board of directors. Needham most recently served as managing director of global automotive research for Credit Suisse First Boston. Before retiring in 2003, she provided investment research on the automotive industry, including extensive research on economic factors driving industry demand trends, and impact on stock price performance.
Registration Forms Now Available for MEMA Counterfeiting Seminar
As part of its continuing efforts to address the counterfeiting and intellectual property right violations problems — which costs the U.S. automotive industry nearly $3 billion and costs the global industry $12 billion each year — MEMA will present a one-day seminar — “Taking Action Against Automotive Parts Counterfeiting, Diversion and IPR Violations” — on Monday, April 5, at the Dearborn Hyatt, Dearborn, Mich.
DENSO Increases Motorsports Sponsorships for 2004
Japan-based DENSO Corp. has announced it will co-sponsor two new teams for the 2004 racing season — Panasonic Toyota Racing team in Formula One (F1), and Subaru World Rally team. DENSO will also continue to support the Panasonic Toyota Racing team as a technical sponsor.