Dana Corporation Revises 2005 Earnings Outlook
Dana Corporation announced that it has revised its 2005 full-year earnings outlook to a range of $90 million to $105 million, or approximately 60 to 70 cents per share, from its previously announced range of $196 million to $219 million, or $1.30 to $1.45 per share. In both cases, the outlook excludes gains and losses on divestitures and asset sales and other unusual items.
UAW Says Delphi Asks Too Much
As more details emerge of Delphi Corp.’s demands for concessions from the United Auto Workers, union officials at the auto supplier’s plants are digging in for a fight.
Tower Automotive Appoints DiRita as Senior Vice President and General Counsel
Tower Automotive, Inc. announced the appointment of David M. DiRita as senior vice president and general counsel, a newly created position for the company, reporting to Kathleen Ligocki, president and CEO of the company.
BorgWarner Enters Into Crystal Springs Settlement, Revises 2005 Expectations
BorgWarner Inc.has entered into a settlement regarding approximately 90 percent of claims related to previously disclosed alleged environmental contamination from a Kuhlman Electric Corporation (KEC) plant site in Crystal Springs, MI. The contamination predates BorgWarner’s purchase of Kuhlman Corporation, the former parent company of KEC. BorgWarner and other defendants will pay up to $39 million in three equal installments ending on January 2, 2006.
Metaldyne Names Thomas Amato Executive VP, Commercial Group
Thomas Amato has been appointed executive vice president of Metaldyne’s Commercial Group. Tim Leuliette, Metaldyne chairman, president and CEO, made the announcement. In this new role, Amato will oversee global sales and marketing, supply chain management and corporate development. Reporting to Amato are: Roseann Stevens, vice president of sales and marketing; Linda Theisen, vice president of supply chain management; and Terry Iwasaki, director of finance, commercial group.
Dana Reports Fourth-Quarter and Full-Year Results; Says Aftermarket Divestiture and Related Actions Improve Balance Sheet, Cost Structure
Dana Corp. has announced its fourth-quarter and full-year 2004 results. During the fourth quarter, Dana took a series of actions aimed at strengthening its long-term competitiveness and repositioning the company to better serve its global original equipment customers. The company said these actions, including the sale of its Automotive Aftermarket Group, two facility closures and the repurchase of approximately $900 million in long-term debt, resulted in unusual charges of $195 million after tax.
ArvinMeritor Reports Fiscal Year 2005 First-Quarter Results
ArvinMeritor has reported financial results for its first fiscal quarter, which ended on Dec. 31, 2004. Chairman, CEO and President Chip McClure said while the business continues to perform well in many aspects, the company’s financial results are still being affected by industry-wide issues such as the escalating costs of steel and other raw materials.
ArvinMeritor Announces Plans to Divest Light Vehicle Aftermarket and Coil Coating Businesses
ArvinMeritor today announced that it plans to divest its Light Vehicle Aftermarket (LVA) business group and to take a non-cash goodwill impairment charge of $190 million, or $2.77 per diluted share, in its LVA business in the fiscal fourth quarter of 2004.
Oxford Automotive Names David Treadwell CEO
Oxford Automotive, a $1 billion Tier 1 supplier of specialized welded metal assemblies, has named David Treadwell as its new CEO. Treadwell replaces John Potter who retired in June. As CEO, Treadwell becomes responsible for the development of Oxford’s strategic direction, focusing immediately on its capital structuring and divestiture issues.
Tenneco Automotive Names Timothy Donovan as New Director
Timothy Donovan has been elected to Tenneco Automotive’s board of directors. Donovan is executive vice president, managing director of Tenneco Automotive’s International Group and general counsel. Donovan joined Tenneco Automotive as senior vice president and general counsel in August 1999.