Michigan Gov. Granholm Announces Assistance to Retain Ford Jobs
Michigan Governor Jennifer Granholm and Michigan Economic Development Corporation (MEDC) President and CEO James C. Epolito announced an incentive package approved by the MEDC to encourage Ford Motor Co. to make new investments of up to $1 billion in Michigan facilities for flexible manufacturing and advanced powertrain technologies. If approved by the company, the project will retain a total of 56,200 Michigan jobs, including up to 13,740 jobs directly by Ford.
Timken, Clemson University Announce Endowed Chair for International Center for Automotive Research
The Timken Company and Clemson University have jointly announced that Dr. John Ziegert will hold The Timken Chair in Automotive Design and Development at the Carroll A. Campbell Graduate Engineering Center at the Clemson University International Center for Automotive Research (CU-ICAR).
EPA Regulations Help Drive Class 6-8 Truck Chassis Systems and Components Aftermarket, Analysts Say
As the Environmental Protection Agency (EPA) regulations on reducing emissions from class 6-8 trucks approach their final implementation phase in 2007, the trend of pre-buying trucks is becoming more prevalent. As replacement opportunities increase with the age of the truck, unit shipments for class 6-8 truck chassis systems and components in the short to medium term will increase.
Kolbenschmidt Pierburg Expands Operations in South Carolina
Kolbenschmidt Pierburg, a global supplier of powertrain components and systems, is expanding its Pierburg and KS Bearings operations in Fountain Inn, SC, the North American headquarters for both its Pierburg and KS Bearings businesses. The company said the expansion is driven by the significant growth both businesses are experiencing in the North American marketplace largely due to the increased attention of automotive manufacturers on fuel economy and emission controls.
Auburn, AL, to Get Auto Parts Plant
A Korean auto parts supplier will build its first North American plant in Auburn, AL, producing powertrain components for both the Hyundai factory in Montgomery, AL, and a Kia factory planned for west Georgia. The announcement this week makes Global Management Business Automotive USA the first supplier to locate in a place it will have access to both car manufacturers. The $28.6 million plant will employ about 200 when it becomes fully operational in 24 to 30 months.
Federal-Mogul Recognized by GM, Honda
Federal-Mogul was named a General Motors Global Supplier of the Year for its overall business performance in providing GM with world-class powertrain products and technology. The award was given during ceremonies held Saturday, April 29, at the General Motors Technical Center in Warren, MI. Also this week, Federal-Mogul’s McCord Leakless Sealing Company (MLS), a 50/50 joint venture with Nippon Leakless Corp. of Tokyo, Japan, received two achievement awards from Honda of America Manufacturing.
ZF Sales Up 8 Percent in 2005
ZF Friedrichshafen AG reported $13.5 billion in global sales for 2005 — an increase of 8 percent over 2004. North American sales totaled $2.1 billion. The increase is attributed to an upswing in the commercial vehicle Market and new plant openings in China, Russia and North America. In addition to the commercial vehicle market, key products such as six-speed automatic transmissions, electronic steering systems and passenger car axle systems and components resulted in above-average sales, according to the company.
Hayes Lemmerz Reports 2005 Fiscal Year End Results
Hayes Lemmerz International has reported financial results for its fiscal year, which ended Jan. 31. The company said results were in line with guidance provided to investors in December 2005, when it released fiscal third quarter results. For the fiscal year, the automotive wheels and components maker reported sales of $2.28 billion, up 6.6 percent from sales of $2.14 billion in the prior fiscal year. Loss from operations, excluding one-time impairment charges, for fiscal 2005 was $14.9 million, compared to earnings from operations, excluding one-time impairment charges, of $22 million a year earlier.
Hayes Lemmerz Initiates Major Restructuring
Hayes Lemmerz International is taking a series of actions that the company hopes will strengthen its competitive position, improve profitability and increase long-term value for its shareholders. As part of a major restructuring strategy, the company plans to consolidate operations and reduce wage and benefit costs. A previously announced plant closure is also part of the restructuring.
Delphi Outlines Transformation Plan
Delphi this morning outlined its strategy to prepare for its return to stable, profitable business operations through a broad-based global restructuring in order to complete the Chapter 11 cases for Delphi and 41 of its domestic U.S. subsidiaries in the first half of 2007 as previously announced. Delphi’s transformation plan is intended to allow the company to become competitive in the global marketplace.