Visteon Completes Sale of Its Swansea, UK, Operation; Provides Restructuring Update
Visteon has completed the sale of its Swansea, United Kingdom, operation to Linamar Corp., a Canadian-based auto parts manufacturer. The company said the sale of the Swansea operation represents a significant milestone in its effort to address non-core facilities and improve its financial performance in connection with its three-year improvement plan. The Swansea operation, Visteon’s largest operation in the U.K., generated negative gross margin of approximately $40 million on sales of approximately $80 million during 2007.
SEMA Expands Installer Test Program to Include Self-Adhesive Products Specialist Accreditation
DIAMOND BAR, Calif. — The Specialty Equipment Market Association (SEMA) has added a Self-Adhesive Products Specialist Exam to its battery of installer certification tests. The new SEMA test, known as Z6, will measure real-world knowledge and skills of industry professionals who install self-adhesive products on passenger cars and light-duty trucks. The exam covers a range
Judge OKs Sale of Delphi Brake Plant: TRW Deal Gives Saginaw Facility New Life
Delphi Corp. won a judge’s approval Thursday to sell its chassis business to a division of TRW Automotive Holdings Corp., breathing new life into a Delphi brake parts plant in Saginaw, MI, that this time last year faced the prospect of closure. The sale makes good on a promise made in June, in Delphi’s contract with the UAW, to keep that plant running by teaming up with Delphi’s former owner General Motors Corp. to find a buyer. It also brings the Saginaw plant, with 670 hourly workers, into a company that has kept its head above water during the industry’s challenging times.
Delphi Settles with GM, Files Reorganization Plan
Delphi Corp. filed its plan of reorganization with U.S. Bankruptcy Court in New York, clearing one of the last major hurdles the company faces as it attempts to exit Chapter 11 bankruptcy. If the plan is approved by creditors and a U.S. Bankruptcy Court judge, Delphi would be in position to emerge from bankruptcy. Delphi also said it reached a settlement and restructuring agreements with General Motors, its former parent company, on a number of issues.
Visteon Completes Sale of Indian Powertrain Business
Visteon Corp. has announced that it has completed the sale of Visteon Powertrain Control Systems India (VPCSI) in Chennai to Adyar River Ltd. This transaction is another restructuring action the company has achieved to improve its business. "This is another accomplishment in the process of restructuring our business to focus on our key products and core technologies," said Donald Stebbins, Visteon president and chief operating officer. "With this sale, our restructuring program is now more than 50 percent complete, and this gives us even more flexibility to improve and grow our business."
Lear Reports Favorable Second Quarter Results
Lear Corp. recently said net income for the second quarter increased sharply to $123.6 million, or $1.58 a share, compared with a loss of $6.4 million, or 10 cents a share, in the same period a year earlier. Lear’s second-quarter performance easily beat the 91 cent per share profit that analysts had expected and shares of Lear stock were up $1.20 or 3.7 percent to $34.59 last week.
ASC Inc. Files for Bankruptcy Protection, Buyer Interested in Two ASC Business Units
According to a recent news reports, ASC Inc., the Southgate, MI, specialty automotive manufacturer formerly known as American Sunroof Co., last week filed for reorganization under Chapter 11 of the U.S. bankruptcy code. The company reports owing millions of dollars to hundreds of creditors.However, the news isn’t entirely dire. On Friday, it was announced that Hancock Park Associates, a private-equity firm based in Los Angeles, has signed a definitive purchase agreement to purchase the automotive "open air" roof-systems unit and the automotive design-services unit of ASC from its owner, American Specialty Cars Holdings LLC.
Lear Board Backs Icahn-led Buyout
From AFX News Limited DETROIT — Lear Corp.’s board is recommending that company shareholders vote in favor of a buyout offer by a group affiliated with billionaire investor Carl Icahn for about $2.8 billion, but some stockholder opposition to the deal remains. The automotive supplier said in a preliminary proxy statement filed Tuesday with the
Tenneco Names Gregg Sherrill Chairman and CEO
Tenneco’s board of directors has named Gregg Sherrill as the company’s new chairman and chief executive officer. Sherrill, 53, is currently president, Power Solutions at Johnson Controls Inc. His appointment is effective Jan. 15.
Johnson Controls Profit Tops $1 Billion
Defying the doldrums and losses experienced by its auto-parts competitors, Johnson Controls Inc. (JCI) on Wednesday reported record results, posting $1 billion in profit for the first time on more than $32 billion in sales. The Glendale, WI-based company, Wisconsin’s only Fortune 100 company, said its net income rose 27 percent in its fiscal fourth quarter, as strong sales and profit from its building efficiency and power solutions businesses offset poor results from automotive seats and interiors.