Court Approves Federal-Mogul’s Exit Funds
Federal-Mogul Corp. has received court approval to enter into a $3.5 billion finance package aimed at moving the auto parts maker out of Chapter 11 bankruptcy. An order allowing Federal-Mogul to sign loan-commitment documents with affiliates of Citigroup Inc. and JPMorgan Chase & Co. was issued.
Protecting Your Business from Imported Products Liability
Daryl Allegree, manager of risk engineering for Zurich’s Direct Underwriters business unit, writes about tire dealer concerns about the liability issues attached with importing tires and other products. He writes, "Are you a manufacturer? Your first instinct is to say, ‘Of course not, I’m in the retail tire and service industry.’ But are you really? Under certain circumstances, the courts could determine that for tort liability purposes you are a tire or wheel manufacturer – or at least stand in the shoes of the manufacturer – in the eyes of the law."
Magna Powertrain Establishes its First R&D Center in China
Magna Powertrain, a group of Magna International Inc., has announced that Magna Powertrain (Changzhou) Co. Ltd. has been established and put into production in the Changzhou National Hi-Tech District in Jiangsu, where the company has founded the first engineering (R&D) center in this district of China beside the already-existing manufacturing facility. Guenther Apfalter, president of Magna Powertrain Europe and Asia, said that the investment in Magna Powertrain (Changzhou) Co. Ltd. totaled $50 million.
IUE-CWA Members Ratify New Four-Year Delphi Contract
Members of a union representing about 2,000 of Delphi Corp.’s hourly workers voted to ratify a new four-year contract with the auto parts supplier, the union said. Seventy-five percent of International Union of Electronic Workers-Communications Workers of America (IUE-CWA) members at local unions with Delphi employees voted in favor of the deal, the union announced late Saturday.
New Keystone Branch Opens in Boise, ID; Company to Host Open House
BOISE, ID — Keystone Automotive has opened its newest branch in Boise, ID, on July 30. The Boise service area includes the cities of Caldwell, Nampa and Meridian. The company will host an open house to show its appreciation for past business and to welcome new customers. The event will be held at the Keystone
Court Approves Delphi Plan
From Detroit Free Press Delphi Corp. took a big step on its road to recovery yesterday when a bankruptcy court agreed to let Appaloosa Management LP and other investors inject up to $2.55 billion into the struggling auto-parts maker. For their much-needed cash infusion, the investors will receive preferred and common stock in the reorganized
The Week in Review (July 30-Aug. 3, 2007)
By Arianne Anderson The Week in Review offers a snapshot of the most read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of the
The Week in Review (July 23-27, 2007)
By Arianne Anderson The Week in Review offers a snapshot of the most read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of the
Executive Interview with Philip Martens, ArvinMeritor Senior Vice President, President, Light Vehicle Systems
In this exclusive Executive Interview, Phil Martens, senior vice president and president of ArvinMeritor’s Light Vehicle Systems business group, brings us up to speed on the return of the Gabriel brand as part of the company’s focus on re-invigorating its global ride control business.