TRW Reports Net Income Plunges 96 Percent
TRW Automotive Holdings Corp. said first-quarter net income fell 96 percent as the company posted $47 million in debt-repayment costs. The Livonia-based company, which counts seat belts, air bags, and brakes among its products, said it posted net income for the latest quarter of $2 million, or 2 cents a share.
TRW Reports Net Income Plunges 96 Percent
TRW Automotive Holdings Corp. said first-quarter net income fell 96 percent as the company posted $47 million in debt-repayment costs. The Livonia-based company, which counts seat belts, air bags, and brakes among its products, said it posted net income for the latest quarter of $2 million, or 2 cents a share.
ArvinMeritor to Sell Kenton, Ohio, Facility
ArvinMeritor is selling its Commercial Vehicle Systems (CVS) facility in Kenton, Ohio, to a subsidiary of Sypris Solutions, Inc. ArvinMeritor has owned the Kenton facility since 1948. As part of the agreement, ArvinMeritor and Sypris will begin a multi-year outsourcing arrangement.
Bruce Mardar Joins Akebono North America
Akebono Corp. has named Bruce Mardar eastern regional sales manager for aftermarket sales. Mardar replaces Carl Schaefer, who passed away unexpectedly earlier this year. Before joining Akebono, Mardar spent 14 years with Qualitee International, a supplier of aftermarket brake and clutch components, where he most recently served as national sales manager.
Firms Eye Cooper, Dana Auto Part Units-Sources
A handful of large private equity firms are considering bids for two key automotive parts businesses on the auction block, sources close to the situation said. Both Dana Corp. and Cooper Tire and Rubber Co. have announced they may divest their auto parts businesses. Each unit may separately fetch $1 billion or more, analysts estimate.
Hayes Lemmerz To Close Michigan Plant
Hayes Lemmerz International said it will permanently close its Howell, Mich., manufacturing facility as part of a manufacturing rationalization plan for its North American Wheel Group. The closure is intended to reduce operating costs and increase facility utilization, the company said.
High-tech is Giving Drivers Another Set of Eyes on Highways
Advances in automotive technology are giving drivers another set of eyes. There is parking assistance that backs a car into a parking space, miniature cameras that help a driver see at night and in blinding sunlight, detection devices that sound an alert when a driver crosses into a lane without activating the turn signal or starts to get too close to a pedestrian.
Dana Cuts 75 Jobs at Northern Indiana Plant
Auto-parts supplier Dana Corp. said it will lay off about 75 workers at a plant in northern Indiana that cuts and assembles axle components. The job cuts — about half the remaining work force — will leave about 80 jobs at the plant in Syracuse, Ind., said Dana spokesman Gary Corrigan.
Brake Parts Inc. Offers New Raybestos Brand RCD Catalog
Brake Parts Inc., manufacturer of Raybestos brand brakes, has announced the availability of its Raybestos brand RCD catalog, version 4.1. The catalog contains the entire Raybestos brand brake product line with coverage for all model years, including many 2004 models.
Akebono Product Manager Named Chairman of APRA Brake Division
Robin Gedye, senior product manager – Aftermarket Caliper Products for Akebono Corp., has been named chairman of the Automotive Parts Rebuiders Association (APRA) Brake Division.