Tenneco Automotive Expands ‘Expert Plus’ Rewards Program
Tenneco Automotive’s Monroe shocks and struts and Walker exhaust brands have expanded the Expert Plus automotive service promotions and technician rewards program for 2004. Expert Plus is a comprehensive offering of national trade and consumer promotions, marketing materials, merchandising tools and installation incentives for automotive repair facilities and professional technicians. The program attracted more than 20,000 members in 2003.
Suppliers to Benchmark the Cost of Auto Industry Absenteeism
A dozen U.S. auto suppliers hope next month to finish a two-year effort to determine the cost of lost productivity due to absenteeism and “presenteeism” -people who are on the job but not functioning at appropriate productive levels. The group, dubbed the Automotive Supplier Action Committee, says it focused upon the industry’s hourly workforce, where absenteeism is roughly 10 percent, or about three times that of other industries.
Larry Samuelson Named President of U.S. Automotive Parts Group
Larry Prince, chairman and CEO of Genuine Parts Company (GPC), announced yesterday that Larry Samuelson has been named president of the U.S. Automotive Parts Group, effective immediately. The position was previously held by Bob McKenna, who departed in 2003. GPC CEO Tom Gallagher held the position in the interim. Samuelson is currently president and CEO of NAPA Canada/UAP Inc. He will continue to hold these responsibilities in addition to his new ones with the U.S. Automotive Parts Group.
UAP Announces Senior Executive Appointments
Larry Samuelson, CEO of UAP Inc., has announced four senior executive appointments. Robert Hattem has accepted the position of president and COO of UAP Inc. Terrence LeBlanc has been named executive vice president of the auto parts division. Pierre Vocelle has accepted the position of regional vice president of auto parts for Quebec and Scott LeProhon has been appointed senior vice president of special marketing projects.
Kayaba to Expand Global Manufacturing Operations
Next month, Kayaba Industry Co., Ltd. (KYB) will acquire a 75 percent shareholding in AP Amortiguadores SA (APA) currently held by ArvinMeritor. In the U.S., Kayaba is set to expand its manufacturing base at Franklin, Ind, to support growing sales of KYB shocks and struts to the North American aftermarket.
Michelin North America and ACCC Sign Three-Year Contract Extension
Michelin North America has extended its partnership with American Car Care Centers (ACCC), signing a three-year contract extension to supply the independent dealer network with Michelin, BFGoodrich, Uniroyal and private and associate brand tires. This new agreement extends a strategic partnership between the two companies which began in 1993. ACCC is one of the largest networks of independent tire and automotive service dealers, with more than 1100 locations nationwide.
Exide Closer to Exiting Chapter 11
Exide Technologies said it reached an agreement with its creditors and lenders on a plan to exit Chapter 11 protection, one that gives unsecured creditors 10 percent of the reorganized company. 11
Timken Announces Results for 2003
The Timken Co. has reported record sales of $3.8 billion for 2003, a 49 percent increase from the prior year. Excluding the impact of the February 2003 acquisition of The Torrington Co., sales grew approximately 8 percent, including 3 percent related to foreign currency translation, the company said.
International Speedway Reports Fourth Quarter And Year-End Results
International Speedway Corp. (ISC) has reported results for the fourth quarter and year, which ended on Nov. 30, 2003. Total revenue for the 2003 fourth quarter was $164.7 million, compared to $171.7 million in 2002. Operating income for the fourth quarter was $56.5 million compared to $65.3 million for the prior year. Net income was $31.6 million, or $0.60 per diluted share, compared to $37 million, or $0.70 per diluted share, in the fourth quarter of 2002.
New Tire May Put Goodyear on Track
It’s a mystery tire that’s making a lot of tire dealers, analysts and investors excited — and seems to be pushing the stock upward. Goodyear Tire & Rubber plans to launch a new high-end line of passenger tires next month with huge fanfare at its annual convention of dealers and distributors in Orlando, Fla. Some say the tire line, known as Assurance, could become Goodyear’s hottest-selling new line in a decade, a move that could go a long way to helping the Akron, Ohio-based company boost its flagging sales and turn around three years of losses.