Keystone Automotive Acquires Chambers Parts Distributors
Keystone Automotive Industries has acquired Chambers Parts Distributors, headquartered in Manchester, Me. In addition to Manchester, Chambers operates out of facilities in Bangor and Portland, Me. The company recorded sales of approximately $5 million in 2003. Terms of the transaction were not disclosed.
Timken to Increase Tool Steel Prices
Timken Latrobe Steel, a subsidiary of The Timken Co., has increased prices by 6 to 8 percent on rounds, plate and flats tool steel and alloy products. Raw material surcharges will remain in effect.
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.
Douglas Battery Unveils New LegacyIII Gold Battery
Douglas Battery, one of the nation’s largest manufacturers of automotive and industrial batteries, has unveiled its newest generation of battery technology, the LegacyIII Gold. According to the company, industry testing shows that the new innovations involved in the LegacyIII Gold battery promise increased battery performance and life.
Intermet Names John Rutherford Vice President of Sales and Marketing
Intermet Corp., a manufacturer of cast-metal automotive components, has promoted John Rutherford to the position of vice president of sales and marketing. He will also become a member of the company’s corporate operating committee.
Spectra Premium Concludes the Acquisition of Trimag
Spectra Premium Industries Inc. (SPI), a North American manufacturer of automobile, light-truck and heavy-duty truck aftermarket parts, has completed its acquisition of a 90 percent of interest in Trimag, L.P. Investissement Quebec will own the other 10 percent of interest in Trimag.
North American Auto R&D Center to Set Up in China
North American market leader in automotive quality inspection, the PSA Group of Companies, has signed an agreement with two local firms to set up a research center in this southern boomtown. The Canadian firm’s major business in China is currently in sourcing auto parts for its North American and Japanese clients, including General Motors, Ford, DaimlerChrysler and Yazaki.
Keystone Automotive Industries Reports Fourth Quarter, Year-End Results
Keystone Automotive Industries has reported results for its fourth quarter and fiscal year, which ended on March 26. The company said it surpassed the $500 million sales milestone for the year. Keystone distributes products primarily to collision repair shops through 125 distribution facilities, located in 38 states and Canada. The company’s product lines consist of automotive body parts, bumpers and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle.
John Kerry Wants Timken, Union to Talk
Democratic presidential candidate John Kerry on Thursday asked President Bush to help settle the dispute that threatens to close Timken’s three bearings plants in Canton, Ohio. The Canton Industrial Bearing Complex includes the plant where the president promoted his tax-cut plan last year. Kerry said Bush should urge the Timken Co. and the United Steelworkers of America Local 1123 to accept a federal mediator to help settle their disagreement.
Timken to Increase Steel Bar Prices
Timken has announced it will increase prices on steel bar products. Non-contract prices will increase by $30 per ton for all sizes and grades of carbon and alloy steel bars effective with shipments beginning May 10.