Visteon Proposes Sale of UK Operations to Linamar Corp.
Visteon has signed a non-binding Memorandum of Understanding (MOU) to sell its Swansea, U.K. operation to Linamar Corp., a Canadian auto parts manufacturer. The proposed sale, which supports Visteon’s three-year improvement plan, is subject to due diligence, certain third party agreements, definitive documentation, anti-trust clearance and corporate approvals. The proposed sale of the Swansea facility, which is Visteon’s largest operation in the U.K., will be a significant milestone in the company’s plan to address non-core facilities and improve its financial performance.
IndyCar Series Restructures Earnings Distribution; 500 Winner’s Payout to Increase
The IndyCar Series this week announced a restructuring of its earnings distribution, designed to provide a financial foundation for new and existing teams committed to running the entire IndyCar Series schedule. Beginning in 2008, the program, called IndyCar TEAM: Team Enhancement and Allocation Matrix, will award a minimum of $1.2 million to each car entered to compete the entire season, including the Indianapolis 500. By implementing IndyCar TEAM, the Indy Racing League will dissolve its existing event purse formula.
Hayes Lemmerz Posts Second Quarter Earnings
NORTHVILLE, MI — Hayes Lemmerz International, Inc. reported that sales for the fiscal second quarter ended July 31 were $570.3 million, up 19 percent from $480.8 million in the year earlier quarter. The sales increase came from strong international steel and aluminum wheel sales, metals cost recovery and favorable currency fluctuations, the company said. The
Court Approves DURA Automotive Systems’ Backstop Rights Purchase Agreement and Atwood Sale
DURA Automotive Systems, Inc. has announced that the United States Bankruptcy Court for the District of Delaware approved two important agreements that will help facilitate and finance DURA’s emergence from bankruptcy. The court entered an order approving DURA’s asset purchase agreement for the sale of its Atwood Mobile Products division and approved its amended backstop rights purchase agreement. The order for the backstop agreement will be submitted tomorrow under certificate of counsel. These milestones keep the company on track for an expected emergence from Chapter 11 in the fourth quarter of 2007.
Federal-Mogul Celebrates Champion Brand’s 100th Anniversary
Federal-Mogul Corp. is celebrating the Champion brand’s 100th anniversary with a limited-edition pack assortment of Champion Double Platinum Power spark plugs. The special assortment features a commemorative over-pack highlighting Champion milestones of the past century as well as a custom-designed Champion anniversary die-cast racecar. The new Champion 100-year assortment includes 20 Double Platinum Power spark plug 4-packs and commemorative packaging as well as an in-pack 1/64th-scale limited edition racecar. Each assortment also includes a promotional poster and counter card merchandiser to help maximize consumer involvement in the brand’s centennial celebration while driving sales of Champion Double Platinum Power plugs.
Federal-Mogul’s Champion Brand Goes Live with New Virtual Reality ‘AlwaysAChampion.com’ Website
Federal-Mogul today announced the launch of its new AlwaysAChampion.com website. The site offers a behind-the-scenes virtual reality experience featuring Federal-Mogul’s legendary Champion spark plug brand. Developed in conjunction with the Champion brand’s 100th anniversary, AlwaysAChampion.com celebrates the heritage of one of the industry’s best known and most respected brands by looking into the future of ignition technology for the next generation of hardworking engines. The unique, new global site features key Champion milestones over the past 100 years and takes visitors into the “Champion Garage,” where they will be able to compete for a wide range of attractive prizes through the Champion “Crew Chief Challenge” interactive driving skills competition.
DURA Automotive Enters Technical Alliance to Bring DURA Products and Technology to Indian and Asian Markets
ROCHESTER HILLS, MI and BANGALORE, India — DURA Automotive Systems has entered into a technical alliance with Aditya Auto Products and Engineering Pvt. Ltd., based in Bangalore, India, to bring new automotive technologies to the growing domestic Indian and Asian markets. DURA will supply technology to Aditya for the manufacture of products such as pedals,
Top 20 Super Stores
After several years of mega mergers among the nation’s largest store owners, 2007 proved to be an anomaly: Among the 20 largest store chains in the U.S, not a single one was acquired. That’s not to insinuate that acquisitions didn’t occur; in fact, 2006 posted the greatest overall store count growth for the top 20 store chains in the last five years. As a group, total store counts grew by more than six percent.
Federal-Mogul Reports Fourth Quarter and Full Year 2006 Results
Federal-Mogul Corp. has reported its financial results for the three and twelve-month periods ended December 31, 2006. Federal-Mogul reported net sales of $1,546 million for the quarter ended Dec. 31, 2006. Net sales increased $59 million compared to the fourth quarter 2005, of which $51 million is due to favorable foreign currency. Net sales of $6,326 million for the year ended Dec. 31, 2006 increased by $40 million when compared to the same period of 2005, of which $33 million is due to favorable foreign currency.
Federal-Mogul Prepares to Emerge from Bankruptcy
Federal-Mogul announced that on Feb. 2, the Honorable Judith K. Fitzgerald, United States Bankruptcy Court for the District of Delaware, approved the Supplemental Disclosure Statement describing the company’s Fourth Amended Joint Plan of Reorganization. The confirmation hearing with respect to the Amended Plan has been set for May 8.