Metaldyne Launches Internal Inquiry
Auto supplier Metaldyne Corp. has launched an internal investigation into questionable accounting practices for the last seven years that could have resulted in overstating the company’s earnings by $20 million. The error was followed by a cover-up to balance the books, the company said.
Lear Considers Closing Auburn Hills Seat Plant
Auto supplier Lear Corp. says it might in May close a seat-making plant in Auburn Hills, Mich., that employs about 325. Lear sent a letter this month warning the State of Michigan that the plant will close, but a spokesperson said its fate depends on UAW talks.
Former Goodyear Workers to Be Cut
About 100 white-collar workers at Goodyear Tire & Rubber Co. whose jobs were shifted to an outside vendor last month will not get to keep their jobs for much longer.
Experts Warn Industry’s Growth in South Carolina Will Be Flat at Best
South Carolina is chasing automotive manufacturing jobs even as the industry’s work force is slipping away from the U.S. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains.
ZF to Build New Manufacturing Facility in North Carolina
ZF, a supplier of automotive driveline and chassis technology, plans to build a new suspension components manufacturing plant in Newton, N.C. ZF Lemforder Corp. — the car chassis division of ZF — will operate the plant. Construction on the 150,000-square-foot building is scheduled to begin immediately, with opening expected during spring 2005. The company is investing an estimated $30 million in the plant, which will create about 200 jobs.
Linamar Corp. Launches New Automotive North American Sales Organization
Leading Canadian automotive and industrial manufacturer Linamar Corp. has created a new North American sales force in an effort to enhance customer service and strengthen its product focus. The past year was one of major growth and expansion for the company. In addition to building a new plant in Ontario that added 400 jobs, the company bought out its joint venture partner Westcast in a European joint venture the two companies had established in 1999. In September 2003, the company acquired McLaren Performance Technologies, which it planned to merge with Linamar. McLaren Performance Technologies specializes in advanced powertrain and vehicle development and testing for the automotive industry.
Democrats Raise Alert About ‘Manufacturing Czar’ Post
A Nebraska businessman whom President Bush wanted to nominate for the job of ”manufacturing czar” has withdrawn from consideration amid attacks from Democrats. Anthony Raimondo said he would not be a candidate for the position as Democratic organizations began e-mailing reporters that Raimondo had laid off workers in Nebraska and opened a plant in China. Two administration officials confirmed that Raimondo bowed out. One administration source said the withdrawal had nothing to do with the ”baseless” Democratic attacks.
White House Ready to Name Manufacturing Czar
The Bush administration is likely to name Anthony Raimondo, chairman and CEO of Behlen Manufacturing Co. in Columbus, Neb., as its manufacturing czar as early as today, reports Reuters. One of his chief functions will be to help recover some 2.5 million manufacturing jobs lost since early 2001.
American Axle Pact Ratified; Supplier Gets the Right to Negotiate 2-Tier Wages
UAW members ratified a four-year contract with American Axle & Manufacturing Inc., after a one-day strike late last month that disrupted General Motors Corp. truck production. About 68 percent of the employees voted for the contract, the union said Monday. About 68 percent of the employees voted for the contract, the union said Monday.
Campaign to Bring Back the “Midas Touch”
Midas wants to return to its core value of trust with the resurrection of a marketing campaign first used in Midas advertising in the 1980s. The company’s new national advertising agency DDB Chicago is collaborating with Ogilvy & Mather Toronto on the “Trust the Midas Touch” campaign. The campaign will include commercials that take place in a Midas shop and show a humorous dialog between a customer of Midas and a Midas service employee, who is hooked up to a polygraph machine. The commercials are the first in a long-term campaign to grow Midas’ category-leading shares in brakes and exhaust and to support the expansion of its services, including oil changes and other routine maintenance services.