R&B, Inc. Reports Sales and Earnings for the Third Quarter
R&B, Inc., a leading supplier of OE Dealer “Exclusive” automotive replacement parts, automotive hardware and brake products, has announced its financial results for the third quarter, which ended on Sept. 25. For the third quarter ended, sales increased 10 percent to $64.1 million from $58.2 million in the same period last year. Net income in the third quarter was $4.4 million compared to net income of $3.7 million in the same period last year. Diluted earnings per share in the third quarter increased 17 percent to 48 cents from 41 cents in the same period last year.
Federal-Mogul Allowed to Take Out $1.93 Billion Loan
A bankruptcy judge gave Federal-Mogul Corp. permission on Friday to borrow as much as $1.93 billion from a group of banks led by Citigroup Inc. to help fund its reorganization. The company will get a $500-million loan to help pay for operations while under court protection and $1.43 billion of financing for use after it exits bankruptcy. U.S. Bankruptcy Judge Raymond T. Lyons in Trenton, N.J., approved the financing at a hearing.
Dana Third Quarter Profit Falls
Dana Corp., the biggest maker of axles for light trucks, said third-quarter net income fell 34 percent as U.S. carmakers trimmed production and raw material costs rose. Net income dropped to $40 million, or 27 cents a share, from $61 million, or 41 cents, the Toledo company said Wednesday. Sales rose 12.2 percent to $2.11 billion from $1.88 billion. Higher steel costs alone reduced net income by $22 million, Chief Executive Michael Burns said in a statement.
Three New Members Join the Auto Pride Group
Auto Pride, the automotive division of IWD warehouse distribution group, has added three new members. Among the new members are Precision Brake and Wheel of Porterville, Calif., Discount Auto Parts of Pacoima, Calif., and Knight’s Auto Parts of Raton, NM. Founded in 1985 with 15 members, today IWD has grown into an international distribution network with more than 800 member locations in the U.S. and Canada.
Executive Interview with Randy Mordue, Director, Aftermarket Division, Akebono Corp.
Our latest edition of “Executive Interview” features Randy Mordue, director, Aftermarket Division, Akebono Corp. Mordue joined Akebono North America in 1999. He has more than 20 years of sales, national account and new business development experience within the automotive aftermarket industry. Mordue recently took the time to talk with aftermarketNews.com and bring us up to speed on the latest developments at Akebono.
Joe Felicelli To Be AASA’s New Chairman
Joe Felicelli, executive vice president, worldwide aftermarket operations, for Federal-Mogul Corp. in Southfield, Mich., will take the reins as the new chairman of the Automotive Aftermarket Suppliers Association (AASA) on Monday, Nov. 1, at the group’s board meeting in Las Vegas. Felicelli is the second aftermarket executive to serve as leader of the association, established in 2002. Current Chairman Charley Johnson, president and CEO of TransPro Inc., in New Haven, Conn., will step down as the group’s first chairman at the November meeting.
Federal-Mogul Promotes Joe Felicelli to Executive Vice President of Worldwide Aftermarket Operations
Joseph Felicelli has been appointed to the position of executive vice president, worldwide aftermarket operations for Federal-Mogul. Since 2001, Felicelli has served as senior vice president, worldwide aftermarket operations, with responsibility for Federal-Mogul’s global aftermarket operations, including sales, marketing, distribution and logistics, as well as manufacturing for chassis and brake hard parts, fuel, wipers, ignition and lighting products.
Intermet Warning Triggers Sell-Off, Bankruptcy is a Threat, Says Analyst
Add one more name to the list of struggling Detroit-area auto suppliers. Troy, Mich.-based Intermet Corp., a maker of metal brake and suspension parts, has warned Wall Street that it will lose tens of millions of dollars this quarter and needs a new credit agreement from its banks to avoid bankruptcy. Intermet blamed higher-than-expected steel costs and unspecified “operational problems” at some North American plants for its financial predicament.
Bosch Names Mike Eversole as Category Manager, National Accounts
Robert Bosch Corp. recently named Michael Eversole as its new category manager, National Accounts. As head of the Category Management Department, Eversole will be responsible for defining category strategies with Bosch customers to increase sales and profitability of Bosch products and the whole category.
David Krohn Named President and COO of Engineered Machined Products
Engineered Machined Products, Inc. (EMP) has appointed David Krohn to serve as president and COO of the company. Previously, this role was held by Brian Larche, founder and principal owner of EMP. Larche will continue to serve as chairman and CEO of the company.