Intermet Warning Triggers Sell-Off, Bankruptcy is a Threat, Says Analyst
Add one more name to the list of struggling Detroit-area auto suppliers. Troy, Mich.-based Intermet Corp., a maker of metal brake and suspension parts, has warned Wall Street that it will lose tens of millions of dollars this quarter and needs a new credit agreement from its banks to avoid bankruptcy. Intermet blamed higher-than-expected steel costs and unspecified “operational problems” at some North American plants for its financial predicament.
Bosch Names Mike Eversole as Category Manager, National Accounts
Robert Bosch Corp. recently named Michael Eversole as its new category manager, National Accounts. As head of the Category Management Department, Eversole will be responsible for defining category strategies with Bosch customers to increase sales and profitability of Bosch products and the whole category.
Universal Automotive Appoints Lisa Kusluski as Director of Supply Chain
Universal Automotive Industries has appointed Lisa Kusluski to the newly created position of director of supply chain. In this role, Kusluski will oversee the company’s purchasing department, among other responsibilities. She will report directly to Phil Zettel, vice president of supply chain and operations.
David Krohn Named President and COO of Engineered Machined Products
Engineered Machined Products, Inc. (EMP) has appointed David Krohn to serve as president and COO of the company. Previously, this role was held by Brian Larche, founder and principal owner of EMP. Larche will continue to serve as chairman and CEO of the company.
Beck/Arnley Announces New Part Numbers
Beck/Arnley recently added 88 new part numbers to its premium foreign nameplate product line, for a total of 878 part numbers introduced since May 2004, according to Vonda Lee, Beck/Arnley product team lead.
Motormite/Dorman Releases Three Aftermarket Catalogs and Revamped Web Site
Motormite/Dorman has released three new aftermarket catalogs and a renovated web site to support these new publications. The new catalogs and web site feature hundreds of new-to-the-Automotive-Aftermarket parts that were previously only available at the OE Dealer. All catalogs feature the “Driving ReveNEW” theme, which identifies new parts.
Executive Interview with Paul Foley, Vice President, Automotive Aftermarket Suppliers Association (AASA)
Our latest edition of “Executive Interview” features Paul Foley, vice president of the Automotive Aftermarket Suppliers Association (AASA), a market segment of the Motor & Equipment Manufacturers Association (MEMA). Join us as Foley brings us up to speed on the rapid growth of AASA since its creation two years ago, as well as several industry initiatives AASA is currently focusing on.
Bendix-Dana Joint Venture Completes Management Team Selection
Completing its leadership team selection, Bendix Spicer Foundation Brake LLC, a new joint venture between Bendix Commercial Vehicle Systems LLC and Dana Corp., announced the appointment of Bill Mossing as assistant general manager. Mossing will join Kishor Pendse, president of the new business.
Midas Returns To Profitability
Midas has reported net income of $2.6 million — or 16 cents per diluted share — for the second quarter, which ended on July 3. This marks company’s first quarterly net income since the third quarter of 2002. Last year, Midas reported a second quarter loss of $32.7 million — or $2.10 per diluted share — after business transformation charges of $50.8 million — or $1.99 per share — for establishment of an accrual for warranty obligations, asset write-downs and employee severance costs related to the company’s shutdown of its wholesale distribution system.
Federal-Mogul Receives Frost & Sullivan National Customer Value Enhancement Award
Federal-Mogul’s aftermarket friction team was recently recognized for the development and introduction of its Wagner ThermoQuiet premium brake pads. Consulting firm Frost & Sullivan honored the team with the 2004 Frost & Sullivan Customer Value Enhancement Award, during its recent Customer Value Awards Banquet in Boston. In selecting Federal-Mogul for the award, Frost & Sullivan noted the company’s success in delivering new value to its channel partners through the features and performance of ThermoQuiet pads.