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.
AMN Perspectives by Thomas Group: Experience at Work
In our last article we raised the issue of conflicting department strategies without really addressing it. Let’s do that now. As an example, what happens when finance drives for lower inventory levels to minimize working capital costs, sales and marketing promises customers more inventory to improve service, and production plans long manufacturing runs with low flexibility to maximize favorable variances? The results will not be pretty.
Early Bird Registration Discount Extended For GAAS
There is still time to hear the aftermarket’s leading experts discuss how the industry can work “Leaner, Faster, Better,” at the ninth annual Global Automotive Aftermarket Symposium (GAAS) program – set for Tuesday and Wednesday, May 18-19, at the Hyatt Regency, Chicago, Ill. – at a substantial savings.
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.
Speedway Motorsports Announces Executive Appointments
Speedway Motorsports (SMI) has appointed James Holden, former CEO and president of DaimlerChrysler, to the company’s board of directors. Holden recently completed 27 years in the automotive industry including 19 with DaimlerChrysler, and its predecessor, Chrysler Corp. Highlights of his career include being named president of DaimlerChrysler in 1999 and CEO in June 2000.
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.
GPI Announces Merger with Straus-Frank Co.
David J. Straus, chairman and CEO of Strafco, Inc. and O. Temple Sloan, Jr., chairman and CEO of General Parts, Inc. (GPI), have jointly announced an agreement to merge the two companies. Both GPI and Strafco, also known as Straus-Frank Co., have been members of the CARQUEST Distribution Group for more than 30 years.
Federal-Mogul Reports Loss
Federal-Mogul lost $120.7 million in the final three months of 2003, 7 percent more than it lost in the same quarter of 2002. For the year, the Southfield-based automotive supplier, which makes such products as Champion spark plugs, Anco wipers and Wagner lights, lost $189.5 million. That’s far below 2002’s net loss of $1.6 billion, which included a $1.4-billion accounting charge.
Genuine Parts Co. Reports 2003 Results
Completing its 76th year in operation, Genuine Parts Co. (GPC) has reported sales and earnings for the year, which ended December 31, 2003. Sales in 2003 were $8.4 billion, up 2.3 percent compared to the previous year. Net income for the year, before the cumulative effect of changes in accounting principles related to cash consideration from vendors and goodwill, was $354 million, compared to $368 million, for the same period in the prior year, a decrease of 4 percent.
“DST Asks” Parts Distributors: Which Features of a Computerized Business Management System are Most Useful to Your Business?
Our youngest readers may not be able to remember that there was a time before remote control technology when changing the channel on your television actually required getting up off the couch and making the long walk over to it. “Channel surfing” only existed when you could get one of your kids to sit next to the TV and turn the dial for you. Life was brutal then.