American Axle UAW Contract Expires at Midnight, Accord Expected
The 4-year UAW contract covering 7,500 workers at Detroit-based American Axle & Manufacturing Inc. will expire at midnight tonight. Negotiations between the two sides began in December but have yet to produce an agreement. Two UAW officials, who asked not be named, said a tentative agreement should be reached today.
Hella Receives Award for Technical Innovation
Global automotive lighting and electronics supplier Hella KG Hueck and Co. has received a “Trophy of Excellence” for its technical innovations in the field of electronically-controlled bend lighting.
Alcoa Returns Unit to Former CEO
Alcoa Inc. has finally found a buyer for its automotive fasteners business, agreeing to sell the unit more than a year after putting it on the block. The Pittsburgh-based company said it would sell the business to a group led by Robert Kaminski for an undisclosed price. Kaminski is the former CEO and owner of Continental/Midland, one of the fastener maker’s predecessor companies. Terms of the deal were not disclosed.
Bosch Promotes Platinum Spark Plugs with Rebate Offer, Sweepstakes
Robert Bosch Corp. hopes to draw customer attention to the advantages of installing Bosch Platinum spark plugs with its new “Get the Big Picture” sweepstakes. The promotion gives customers a chance to win an RCA 61-inch DLP HDTV, in addition to a 60 cent rebate on the purchase of four Platinum Spark Plugs.
TRW Trims Losses
Livonia-based TRW Automotive Holdings Corp., the world’s No. 2 maker of automotive air bags, said its fourth-quarter loss narrowed to $1 million, or 1 cent a share, as currency-exchange gains and auto-parts demand boosted sales. TRW has a year-earlier loss of $33 million. Sales climbed 12 percent to $2.98 billion from $2.67 billion, the company said in a statement. A year ago, TRW was part of defense contractor Northrop Grumman Corp.
Snap-on Appoints Former BorgWarner CEO and Chairman to Board
John Fiedler, retired chairman and CEO of BorgWarner, has been appointed to Snap-on’s board of directors. Fiedler served as BorgWarner’s chairman and CEO until 2003. Prior to 1995, he was president and COO. During his tenure, BorgWarner increased its revenues from $800 million to roughly $3 billion.
Advance Auto Parts Reports Record Fourth Quarter and Fiscal 2003 Results
Advance Auto Parts has reported record revenue and earnings for its fourth quarter and fiscal year, which ended January 3. Fiscal 2003 included 53 weeks of operations compared to 52 weeks in 2002, with the additional week falling in the fourth quarter of 2003. Sales increased 19.2 percent in the fourth quarter to $821.3 million from $689.2 million.
Apogee Appoints New CFO
Apogee Enterprises, which develops and delivers value-added glass products and services for the automotive industry, has appointed William Marchido as its CFO. Marchido had been CFO at Siemens Dematic in Grand Rapids, Mich., since 1988. At Siemens Dematic, he was responsible for all financial areas, including IT systems management and productivity improvement programs, for the America’s Material Handling Division and locations in Europe, Singapore, New Zealand and Australia.
Radiator Repair Chain Takes Pollution Prevention Seriously
Radiator repair work — with antifreeze, lead-based solder and other hazardous materials — seems anything but environmentally friendly. But Mac’s Radiator, a Portland, Ore.-based chain of repair shops with a Eugene outlet, is part of an industry effort to change that perception. The Mac’s shop in west Eugene is the first business in the city to be certified under the Eco-Logical Business Program, a government-run pollution prevention project for small businesses.
Moody’s Cuts ArvinMeritor Rating
ArvinMeritor Inc. said its debt rating was lowered to non-investment grade by Moody’s Investors Service and that the move will boost the company’s borrowing costs. Moody’s cut its rating on the Troy-based company’s long-term debt to Ba1, one level below investment grade, from Baa3, ArvinMeritor, said in a filing with the Securities and Exchange Commission. The company makes truck axles and automotive exhaust systems. Moody’s said the downgrade reflects ArvinMeritor’s “relatively poor performance” in 2003 and the first quarter of 2004, a result of lower vehicle production and slow demand for heavy trucks.