Bosch Marks 100 Years in U.S.
Robert Bosch Corp. is celebrating its first 100 years in the U.S. With its high-voltage magneto ignition system for cars, Bosch entered the U.S. market in 1906 and helped pave the way for reliable motorization, according to David Coolidge, president of Bosch’s North American Aftermarket Division. Forbes magazine recently recognized that spirit of innovation and featured the leading auto part manufacturer in its Nov. 28, 2005 issue.
Sherbin Will Head Delphi’s Legal Effort
Delphi Corp., preparing for a possible Chapter 11 filing, hired a former executive with bankrupt supplier Federal-Mogul Corp. as its chief attorney Monday. The 46-year-old David Sherbin, who joins the automotive parts supplier from Pulte Homes Inc., worked with Delphi Chief Executive Steve Miller at Federal-Mogul, which declared bankruptcy in 2001 as asbestos lawsuits against the company mounted.
Hastings Manufacturing Files for Bankruptcy Protection, Announces Sale of the Company
After 90 years in the automotive business, Hastings Manufacturing Co. has filed for Chapter 11 bankruptcy protection and accepted an offer to sell the assets of the company to The Anderson Group, Inc. The Hastings, MI-based automotive supplier said it filed the Chapter 11 petition on Wednesday in the U.S. Bankruptcy Court for the Western District of Michigan. Hastings Manufacturing has received an offer from The Anderson Group, Inc., a Bloomfield Hills, MI-based holding company that owns and operates various manufacturing companies, to purchase the company’s assets.
ASA Leaders Meet with NHTSA Officials to Discuss Airbag Safety
Automotive Service Association (ASA) leaders met recently with the U.S. Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) officials in Washington, D.C. The ASA delegates discussed the usage of used and salvage airbags and the issue of airbag covers with NHTSA’s Office of Defects Investigations (ODI).
Dayco Celebrates Its First Hundred Years
With its celebration slogan “Continuing the Legacy,” Dayco Products, LLC is celebrating its 100th year as a company. In these days of corporate buy-outs and mergers, Dayco has maintained its identity, and in some ways returned to its early roots, to become a highly-respected, worldwide manufacturer of belts, hose, tensioners and related parts for the automotive original equipment and replacement markets. The legacy it celebrates is one of a strong company that has a reputation for an insatiable craving to develop new products, improve established products and increase manufacturing efficiencies.
Ford Deal to Save Visteon $390 Million
After more than six months of negotiations, Visteon Corp. has reached a partial agreement with former parent Ford Motor Co. that will save the struggling parts-maker at least $390 million in 2005. Ford agreed to buy some equipment for Visteon, pick up almost one-fourth of the cost of UAW members’ wages and pay for parts more quickly. Visteon agreed to “continue uninterrupted supply to Ford and to comply with contractual agreements with Ford and the UAW,” according to a company statement. The deal took effect Thursday, Ford said.
The Top Ten Newsmakers of 2004
For the first time ever, Counterman magazine and aftermarketNews.com bring you The Top 10 Newsmakers of the Year. Our editorial team took a look at some of this industry’s most influential leaders and selected the 10 we believe have had a direct impact on the success of the aftermarket in 2004. Beyond that, we believe these individuals have helped set the stage for an even more productive future for our industry.
NHRA Museum Launches New Winner’s Circle Sponsorship Program
The Wally Parks NHRA Motorsports Museum has unveiled details of an exclusive program that will give automotive aftermarket leaders and racing greats the opportunity to preserve and celebrate a history they helped make, through a new sponsorhip program called the Winner’s Circle.
Rick Hendrick Receives NASCAR Buddy Shuman Award from Federal-Mogul Champion Spark Plug
Hendrick Motorsports Owner Rick Hendrick was presented the 2004 NASCAR/Champion Spark Plug Buddy Shuman Award in a ceremony in New York City last week. Presented by Champion annually since 1957, the Shuman Award recognizes an individual or group that has made a significant contribution to the growth of NASCAR Nextel Cup Series racing. Champion spark plugs are manufactured and marketed by Federal-Mogul Corp.
The Year in Review – A Look at the Top 10 News Stories of 2004
Whether you believe 2004 was a good or bad year for the aftermarket, no one can argue this was a big news year for our industry. The year included noteworthy shifts in leadership, mergers, acquisitions and more, most of which will significantly impact the industry for many years to come. Here’s a month-by-month look at what aftermarketNews.com considers to be biggest news events that happened in our industry in 2004.