Kelsey Promoted to VP Corporate Development, General Counsel and Secretary at Modine
RACINE, Wis. — Modine Manufacturing Co. has promoted Margaret Kelsey to the newly created position of vice president – corporate development, general counsel and secretary, effective Nov. 1. In this new role, Kelsey retains her leadership of Modine’s corporate strategy and business development activities, while adding the responsibilities of general counsel and secretary. Kelsey
Modine Announces Retirement of VP and General Counsel Dean Zakos
Modine Manufacturing Co. has announced that Dean Zakos, vice president, general counsel and secretary, will retire effective Oct. 31. Zakos, who has been with the company for 26 years, plans to pursue his passion for aviation, and other personal and professional interests. A successor will be named at a later date.
Visteon Announces Second Quarter 2008 Results
Visteon Corp. announced results for second quarter 2008. For the quarter, Visteon reported a net loss of $42 million, or 32 cents per share, on total sales of $2.9 billion. For second quarter 2007, Visteon reported a net loss of $67 million, or 52 cents per share, on total sales of $2.97 billion. Results for second quarter 2008 include $18 million of unreimbursed restructuring and other qualifying costs, $11 million of asset impairments and $49 million of income tax expense. Second quarter 2007 results included $11 million of asset impairments and $28 million of income tax expense. EBIT-R was $78 million, an improvement of $63 million over second quarter 2007.
Modine Announces Officer Appointments
Modine Manufacturing Co.’s board of directors has approved changes in several senior-level management positions. The action reflects Modine’s increased emphasis on strategic planning, financial discipline and operational excellence as ways to improve competitiveness and overall performance.
Visteon Narrows First Quarter Net Loss by $48 Million
Visteon has announced results for first quarter 2008, reporting a net loss of $105 million, or 81 cents per share, on total sales of $2.86 billion. These results include a $40 million loss associated with the sale of North American aftermarket facilities, including a $21 million asset impairment. For the first quarter 2007, Visteon reported a net loss of $153 million, or $1.19 per share, on total sales from continuing operations of $2.89 billion. First quarter 2007 results included $40 million of asset impairments. EBIT-R, as defined below, for first quarter 2008 was $51 million, an improvement of $97million over first quarter 2007.
Delphi Reports Fourth Quarter, Calendar Year 2007 Financial Results
Delphi Corp. has reported its fourth quarter and calendar year 2007 financial results. Delphi reported fourth quarter revenue of $5.3 billion, down from $5.5 billion in the fourth quarter of 2006. Non-GM revenue for the quarter was $3.5 billion or 65 percent of revenue, as compared to $3.3 billion or 60 percent of revenue in the fourth quarter of 2006. Net loss for the quarter was $542 million, compared to the fourth quarter of 2006 net loss of $853 million.
Visteon Announces Fourth Quarter and Full-Year 2007 Results
Visteon has announced fourth quarter and full-year 2007 results. For fourth quarter 2007, Visteon reported a net loss of $43 million, or 33 cents per share, on sales from continuing operations of $2.9 billion. The fourth quarter net loss includes $30 million of non-cash asset impairments and $32 million of restructuring expenses that were not eligible for reimbursement from the escrow account. For fourth quarter 2006, Visteon reported a net loss of $39 million on sales from continuing operations of $2.8 billion. EBIT-R, as defined below, for fourth quarter 2007 was $15 million, an improvement of $52 million over the same period of 2006.
ArvinMeritor Reports First Quarter Fiscal Year 2008 Results
ArvinMeritor has reported financial results for its first fiscal quarter ended Dec. 30, 2007. For the first quarter of fiscal year 2008, ArvinMeritor posted sales from continuing operations of $1.7 billion. Despite a weak economy in North America and challenging global industry conditions, the company said sales were up compared to the first quarter of last year for both Commercial Vehicle Systems (CVS) and Light Vehicle Systems (LVS), due in part to favorable currency exchange rates.
ITW to Reclassify Divested Businesses as Discontinued Operations
GLENVIEW, IL — Illinois Tool Works Inc. (ITW) announced it will report five businesses that were divested in 2007 and 2006, or held for sale at the end of 2007, as discontinued operations. As a result, the operating results for these construction, consumer packaging and automotive machinery and components businesses will be reclassified as discontinued
ITW Reports 16.6 Percent Growth in Operating Revenues
GLENVIEW, IL — Illinois Tool Works Inc. (ITW) has reported an operating revenue increase of 16.6 percent for the three months ended Nov. 30. Operating revenues for the three month period consisted of a 9.8 percent increase from acquisitions net of divestitures, 2.5 percent growth from base revenues and a 4.3 percent contribution from translation