Remy International Announces Third Quarter 2006 Results
Remy International today announced financial results for the three and nine month periods ended Sept. 30. Net sales for the third quarter of 2006 were $354.7 million, an increase of $38.8 million or 12 percent compared with the corresponding period last year. The third quarter sales increase occurred in all product categories. The company said automotive OEM sales increased about 15 percent and continued to reflect ramp up of the alternator business, while a 10 percent sales increase in heavy duty OEM benefited from improved demand. The sales increases in both OEM businesses were also impacted by the pass through of higher commodity price with no associated margin. Powertrain sales increased approximately 52 percent due to continued strong demand for diesel engine parts. Electrical aftermarket sales were up modestly at 1 percent.
Goodyear Sets Sales Record in Second Quarter, First Half
Goodyear Tire & Rubber Co. today reported second quarter sales of $5.1 billion, a record for any quarter and an increase of 3 percent compared to the 2005 period. Excluding the impact of businesses divested in 2005, sales increased 5 percent compared to the prior-year quarter.
EaglePicher Completes Restructuring
EaglePicher Incorporated (EPI) and its U.S. subsidiaries have successfully completed their Chapter 11 restructuring process. On Aug. 1, pursuant to their confirmed plan of reorganization, substantially all the assets of EPI and its U.S. subsidiaries will be transferred to the newly formed EaglePicher Corp. (EPC) and its subsidiaries.
United Components Sells Neapco and Pioneer Units
United Components, Inc. (UCI) has completed the sale of its Neapco, Inc. and Pioneer, Inc. business units. The combined sale price for the two transactions was approximately $36 million, subject to post-closing adjustments. According to Bruce Zorich, CEO of UCI, the divestitures are consistent with UCI’s new “Centers of Excellence” strategy and allow the company to devote full focus and attention on its core automotive aftermarket businesses: Airtex Products (fuel systems), Champion Laboratories (filtration), Wells Manufacturing (engine management) and ASC Industries (cooling systems).
ArvinMeritor Reports First Quarter Earnings Gain
ArvinMeritor, Inc. reported a net income of $34 million, or $0.49 per diluted share, for first fiscal quarter ending Dec. 31, an earnings increase of more than 88 percent from last year’s total of $18 million, or $0.26 per diluted share.
Tenneco Announces Executive Promotion
Tenneco has promoted Kenneth Trammell, senior vice president and CFO, to executive vice president and CFO. The promotion is effective immediately. As CFO, Trammell is responsible for Tenneco’s finance strategy, financial planning and analysis, accounting, tax, treasury and investor relations. He is a member of the senior management team and reports directly to Chairman and CEO Mark Frissora.
Dana Reports Net Loss for Third Quarter 2005
Dana Corp. today reported financial results for both the quarter and nine months ending Sept. 30, 2005. The company recorded a net loss of almost $1.3 billion, or $8.50 per share, for the quarter, compared to net income of $42 million, or 28 cents per share in the third quarter of 2004.
Eaton Names Mark McGuire Vice President and General Counsel
Diversified industrial manufacturer Eaton Corp. announced that Mark McGuire has been named vice president and general counsel. He replaces J. Robert Horst, who is retiring November 30, after 31 years with the company.
Dana Corp. to Restructure Operations, Reduce Workforce
In order to enhance financial performance, Dana Corp. announced that its board of directors has approved a plan to divest its non-core businesses (engine hard parts, fluid parts and pump products), restructure its automotive systems and heavy vehicle businesses, and cut its workforce and benefit costs.
Executive Interview with Max Dull, President and CEO, Beck/Arnley
This week, we hear from Max Dull, president and CEO of Beck/Arnley, the import replacement parts manufacturer that recently went independent after being divested from the former Dana AAG, now Affinia. An executive with a thorough knowledge of, and background in, nearly every segment of the automotive aftermarket, Dull provides interesting insights on the future of our industry. Join us as he brings us up to speed on the newly independent Beck/Arnley and the future of the import parts market.