Ninth Annual GAAS Kicked Off in Chicago
While the theme of this year’s Global Automotive Aftermarket Symposium (GAAS) — Leaner, Faster, Better — may connote the automated efficiency of a well-run machine, the true focus of the day’s numerous presentations was on the talented pool of people who make up that machine and how to make better use of them. “The core of any great business is the people,” said GAAS founder and chairman Mort Schwartz, who welcomed approximately 400 aftermarket executives to the event.
Oxford Automotive, Inc. Sells Mexican Plant and Amends Credit Agreement
Oxford Automotive, Inc. announced the closing of the sale of its manufacturing facility located in Ramos Arizpe, Mexico for approximately $40 million (including $3 million to be held in escrow). Pending investment of the net proceeds in capital assets, the company has applied the funds to reduce the amount currently outstanding under its revolving credit facility.
American Axle & Manufacturing Initiates Quarterly Dividend Program
The board of directors for American Axle & Manufacturing Holdings (AAM) has declared its first ever dividend as a public company. A quarterly cash dividend of $0.15 per share will be payable on June 28 to stockholders of record on all of the company’s issued and outstanding common stock as of June 7.
GKN Driveline Names New Managing Director of Operations
Philippe Cabassol has been named managing director of operations for GKN Driveline Americas. Cabassol replaces Richard Best, who was recently named strategic director for global projects.
Herman Trend Alert: Transnational Job Movement
Many Americans are upset about the migration of jobs to countries like India and China. While the perception is that a huge proportion of jobs is permanently leaving the U.S., the reality seems to be considerably different.
Richard Keister Leaves Delco Remy to Join Keystone Automotive
Richard Keister, president of Delco Remy International’s (DRI) Aftermarket Group, has announced he will resign on May 31 to join Keystone Automotive Industries, a supplier to the collision repair industry, as CEO. Keister will replace Charles Hogarty, who plans to retire on August 31. Hogarty will remain with the company as a consultant for a two-year period.
DENSO Earns 2004 Climate Protection Award from EPA
The U.S. Environmental Protection Agency (EPA) has awarded its 2004 Climate Protection Award DENSO Corp., Toyota Motor Corp. and Toyota Industries Corp., which together comprise the Electrical Inverter Air Conditioning Team. The team developed an electrical inverter air conditioning system that provides cooling for the new 2003 Toyota Prius during “idle” stop when the engine shuts down to save fuel and emissions. The team was one of 12 organizations and individuals to receive the award.
Ontario to Pay to Attract Auto Plants
With automakers bypassing Ontario and choosing instead to build plants in the U.S. and Mexico, the Ontario government plans to spend $500 million Canadian (about $372 million US) over the next five years to entice automakers to invest in the province.
Bosch Names President, Mexican Operations; VP of OE Sales
Robert Bosch Corp. has named Charles Visconti president of Robert Bosch S.A. de C.V., Mexico. The company has also named Sheryl Hyman vice president of original equipment sales for Asian, European and heavy duty customers.
Grote Names Brewer, Transpro Top Sales Guns
Grote Industries has awarded its top sales performance awards for 2003. Nan Brewer of Mt. Vernon, Ohio, was named the top aftermarket sales manager, while Transpro of Lee’s Summit, Mo., was named top manufacturer’s representative. Transpro, headed by Jeff White and John Cross, was also awarded the top prize in OEM performance.